Digital money transfer service, Azimo, has partnered with Siam Commercial Banking concern (SCB), the oldest bank in Thailand, to launch an instant cross-border payments service from Europe to Thailand through Ripple'due south global payments network, RippleNet.

According to an announcement on April 9, the solution aims to solve the challenges of expensive and unreliable global payments. They state that through their platform, remittances from Europe to Thailand volition have less than a minute to complete.

Instant cross-border payments via RippleNet

Historically, remittances betwixt Europe and Thailand often have more than one whole business twenty-four hour period to settle. Azimo on the other paw can articulate Sterling Pound and Euros into Thailand'southward Baht well-nigh instantly.

Michael Kent, Azimo's co-founder and executive chairman, highlighted that many countries are utilizing this type of instant payment solution. He added:

"Thailand recently launched their instant payment network, and this partnership with the largest banking company in the state allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It's] faster to transport money to Thailand than to someone else in Europe."

 Thailand'due south expensive remittances services

Co-ordinate to figures from the Earth Bank, Thailand is ane of the primary remittance destinations in the world, receiving near $half-dozen.seven billion a year each year. It is as well one of the about expensive countries to send and receive money, however.

The partnership comes shortly later Azimo launched RippleNet's On-Need Liquidity service every bit part of its expansion into the Philippines. The service intends to launch in other countries over the coming months as well.

Cointelegraph reported on January 8 that the SCB had partnered with Ripple to create a blockchain-based mobile app to allow depression-price cross-edge payments.