- SCB partners with Ripple to offer economical, timely cross-border transfers via RippleNet, enhancing transaction efficiency.
- Despite the SEC litigation, Ripple has 80 institutional contracts and increased XRP sales.
Siam Commercial Bank (SCB), the largest financial institution in Thailand, known for spearheading the shift to digital banking, has partnered with Ripple in an innovative way.
By enabling real-time transactions, this alliance is poised to transform the world of cross-border remittances and solidify Thailand’s leadership in mobile banking innovation worldwide.
Ripple's cross-border payment solution helps @scb_thailand drive innovation with instant cross-border remittances.
For SCB, this means:
⌚️ 1 min processing time
↔️ 80K monthly transactions
🪙 $400M monthly p2p remittance settlementLearn more: https://t.co/fAzx5u5TNz pic.twitter.com/H8GUm5hXqq
— Ripple (@Ripple) March 28, 2024
Leading the Way in Digital Banking Transition
SCB is Thailand’s largest bank by market capitalization as it pursues digital excellence. Due to the bank’s relentless digital development, Thailand has the most mobile banking customers worldwide.
With the partnership, SCB becomes a part of RippleNet, a global network with more than 300 banking partners, marking a noteworthy achievement.
This integration makes use of Ripple’s cutting-edge blockchain technology to provide quick and affordable cross-border payments. Over half a million transactions were executed using RippleNet by SCB in 2020 alone, a startling 335% increase in transaction volume.
The launch of the SCB Easy app, which uses Ripple as its power source, further demonstrates SCB’s commitment to offering simple and affordable remittance options, enabling users to send money abroad with never-before-seen efficiency and ease.
SCB and its clients enjoy a number of key advantages, like:
- Unmatched Efficiency: As a result of the collaboration, processing times have been remarkably shortened; transactions are now finished in as little as one minute.
- Increased Volume: The fact that SCB now processes about 80,000 transactions each month is evidence of the solution’s robustness and scalability.
- Substantial Remittance Settlement: The bank highlights the noteworthy influence of this partnership on international money transfers by boasting a peer-to-peer (P2P) remittance settlement of over $400 million each month.
Thanawatn Kittisuwan, Head of Global Transactional Banking Services at SCB, praised the partnership and said,
“Working with Ripple we could obtain a very low remittance fee with timely and high-speed remittances for our customers.”
Through fewer fees and quicker transactions, this relationship not only improves client satisfaction but also solidifies SCB’s leadership in innovative digital banking.
Previously, as reported by ETHNews, Siam Commercial Bank has utilized Ripple as a means of facilitating low-cost and expedited payments. For a deeper dive into these developments, you can check out this YouTube video.
The Growth and Resilience of Ripple
Ripple has proven incredibly resilient in the face of legal obstacles, most notably the SEC’s lawsuit from December 2020 alleging that Ripple conducted unregistered securities offers through its XRP sales.
As previously reported by ETHNews, the business has prospered, obtaining 80 institutional contracts after the lawsuit. In contrast to predictions, Ripple’s XRP sales revenue has increased significantly, highlighting the strength and attractiveness of its financial solutions.
Meanwhile, the XRP price has risen by 0.57% but dropped 4.62% over the last 24 hours and 7 days, sitting around $0,5919.