A recent news came in where the banks in Japan and Thailand adopted Ripple Blockchain Technology to transfer funds. The international funds transfer could take place with in Two to Five seconds, thanks to the Blockchain Technology.
The first blockchain transfer service between Japan and Thailand was made on 30 June 2017.
Launched by the Thai bank, Siam Commercial Bank (SCB) in collaboration with the Japanese branch of SBI Remit. This service uses the Ripple Blockchain technology to ensure transactions between the two countries.
Thailand-Japan remittances represent about $ 250 million annually, with nearly 40,000 Thai nationals living in Japan.
Two to Five Seconds
The SCB states that “Thanks to the Blockchain technology, the transfer time will be drastically reduced: from 2 days to 2 seconds”.
SBI Remit director Nobuo Ando underlined the need to enhance existing remittance services to make them faster and cheaper for its retail customers.
“In this case, Ripple was impressive in concept and turned out to be more so in practice. Furthermore, we can expect to have more favorable foreign exchange opportunities as Ripple’s network expands”, he added.
The Siam Commcercial Bank is also planning to expand Ripple powered Blockchain services to North America, Europe and Asia Pacfic. SCB will be the first Bank in Thailand to adopt Ripple Blockchain technology.
According to Dr. Arak Sutivong, strategy director at SCB, the goal is
“To offer an instant money transfer service for their clients, whose families often depend on the availability of these funds for their primary needs, Being therefore vital for them “.
Ripple (XRP) has been used in a number of projects, including an instant cash transfer service between Spain and Mexico in April this year.
In July 2016, a trial of a Ripple blockchain payment from Canada to Germany took 20 seconds whereas a separate cross-border transfer from Standard Chartered took 10 seconds in September.
Ripple also served in September to establish the Global Payments Steering Group, one of the largest banking networks in the world. Founded by 6 large banking groups:
Its members were joined this year by Japan’s largest bank, the MUFG.
MUFG, joined the working group with Ripple announcing its intention to facilitate commercial global bank money transfers over its blockchain by 2018.
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