An App for Millions That Runs on Ripple

Shining as one of the fastest-growing decentralized payment networks in modern times, Ripple is a payment settlement interface that aims to revolutionize the banking and financial sector. Circumscribing Ripple in the crypto category can be an underestimation of its potential and unprecedented excellence. In general terms, Ripple is the name given to a real-time payment settlement interface, currency exchange facilitator, and cross-border remittance network. It unleashes the unmatchable expertise of blockchain technology to bring about a major change in the payment settlement pedagogies of complex, gigantic entities like banks and multinational financial corporations. It launched in 2012, headed by a team composed of Arthur Britto, David Schwartz, Ryan Fugger. As per XRP News, The XRP Ledger’s super fast speed of processing the transactions in 3-5 seconds and high scalability rate that allows 1,500 transactions to 50,000 transactions per second are some of the most popular characteristics of the network, which have made it the first choice for bank networks across the globe.

One such banking network which has been a constant supporter and ardent client of the Ripple ecosystem is SCB or the Siam Commercial Bank of Thailand. SCB takes pride in being one of the oldest and largest commercial banking institutions in the Thai region ever since its inception on January 30, 1907. It has a huge customer base that lays entrust on its revolutionary services and unmatched security. Ripple has held a long professional relationship with the SCB team and has been a driving force in channelizing some of the bank’s biggest product and service offerings. This article will explore the various SCM offerings that were powered by Ripple’s globally-acclaimed blockchain network.

SCB App That Runs on Ripple

At the beginning of 2020, the Siam Commercial Bank broke the news about the launch of its highly-anticipated digitally-supported payments app named SCB Easy. The app was a joint effort of SCB and Ripple and was focused on simplifying the cross-border payment system by making it more speedy and cost-effective. Arthit Sriumporn, the SVP of Commercial Banking at SCB, took the stage of the prestigious event, Swell 2019, that was organized in Singapore, to introduce the app in front of the elite personalities. He even performed a demo test while explaining the attributes of the mobile app along with Ripple and SCB’s aspirations for the industry as a whole. 

The app has been designed to enrich the Thai customers with an opportunity to enjoy low-cost, fast, and secured cross-border payments system. SCB Easy app also supports micropayments besides its other wide range facilities, which allow sending money to family and friends abroad from mobile phones. Mobile banking became immensely popular in Thailand in the past few years. SCB, being the leading banking entity of the country, launched its app to reap the benefits of this scenario by targeting the population driven by the love of mobile banking.

SCB and Ripple Team-Up Again for a New App

The team of Siam Commercial Bank, in March 2020, broadcasted the news about its new payment app in collaboration with Ripple. As per the reports, the app will allow the tourists to visit Thailand to use QR codes for payment of goods and services. The team is confident that with the new app, the tourism industry will enjoy a significant boost as it will resolve the major issue concerning payment settlement in a big way. 

Ripple Integration Brings Instant Payments to Thailand

Azimo, a leading digital money transfer platform, has collaborated with Siam Commercial Bank to launch a cross-border payment solution between Europe and Thailand. The partnership will be fuelled by the unprecedented excellence of Ripple’s global payment network, RippleNet. The reports suggest that the partnership will help in facilitating speedy and economical payments between the two regions. Thailand is seen as a potential region for payment firms as the World Bank describes it as one of the world’s leading remittance destinations, receiving nearly $6.7 billion every year. Ironically, the country has one of the most expensive payments receiving and sending networks. 

Azimo is also a fast-developing entity that has been expanding operations through strategic collaborations with market leaders. It proliferated its network to the Philippines by adopting RippleNet’s On-demand Liquidity service. 

Conclusion

Ripple is bringing about a revolution in the payment sector through its unique, advanced, and economical user interface. It has played a significant role in enhancing the payment system in Thailand through its collaboration with the Siam Commercial Bank. The two leading firms are striving hard to ease the burden, concerning payments and purchases, from the shoulders of Thai locals as well as the tourists visiting the country. Apart from that, If you are more interested in Ripple (XRP) updates and want to know about the current XRP price & XRP Price Prediction, then you must visit our other pages of the website.