By : Siam Commercial Bank, Thailand’s third-largest financial institution, quietly teased some tantalizing that should kick the (XRP) rumor mill into high gear.
SCB Thailand Taps Ripple for Blockchain Payments
Already, SCB Thailand launched a platform that uses the company’s xCurrent system to facilitate cheaper cross-border money transfers.
Now, the Thai financial institution also hinted that there would be a further announcement about SCB using XRP directly via the xRapid payment system.
We will be using Technology for but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand)
Major Thai Bank Could Integrate Ripple Cryptocurrency
Last week, a sharp-sighted Twitter user an update to the bank’s SCB Easy app in the App Store stating that users are now able to send funds abroad “at the cheapest rates via .”
SCB transfers via . And with that we have mainstream in Thailand.
— ₿ryan (@_bjb)
On May 22, the bank that they are using technology for payment transactions via , but not with the XRP – yet.
This information suggests that the SCB is currently using ’s xCurrent payment system that facilitates quick, low-cost cross-border transactions for its users.
The xCurrent product serves as an alternative to SWIFT where money transfers are conducted in fiat. On the other hand, xRapid uses XRP crypto to offer on-demand liquidity to make transactions cheaper for enterprise users.
If the SCB does dive headfirst into transfers, it would be a major bull signal for (XRP) investors.
SCB Uses Ripple’s ‘Multi-Hop’ Blockchain Feature
While the hint that it will dive headfirst into is new, SCB has partnered with for nearly a year as it builds out its payment system.
According to a Sept. 2018 , SCB was the first bank to use RippleNet’s “multi-hop” feature that allows the Thai bank to “settle frictionless payments on behalf of other financial institutions on the network.”
The multi-hop feature’s main benefit is that financial institutions must no longer maintain a bilateral relationship (a direct one-to-one connection) with each other to settle a payment.
The post explained further:
“Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”
According to , the multi-hop feature results in cheaper and easier payments.
Banks: The Key to Crypto Adoption?
Are institutions like Siam Commercial Bank the key to crypto ? | Source: Shutterstock
continues to onboard financial institutions and payment processors, having recently its 200th enterprise client.
Earlier this month, with Ria Money Transfer, the world’s second largest service provider in the remittance industry with a yearly volume of $40 billion. About that same time, with the Saudi British Bank (SABB).
Despite the company’s recent achievements, , arguing that its network is centralized and the company stands athwart what Satoshi Nakamoto envisioned when he launched to give control to the users instead of banks.
Published at Fri, 24 May 2019 22:09:50 +0000
