Tuesday, December 1, 2020

Ripple News: Siam Commercial Bank (SCB) Easy App Uses RippleNet to Transfer Money Abroad

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Need a better way to handle global remittances? Arthit Sriumporn, SVB of Commercial Banking for Siam Commercial Bank (SCB) shares how Ripple and blockchain technology helped revolutionize how SCB manages the global remittance market. Previously customers would have had to visit a local branch, fill out multiple forms, and wait days for the international payment to clear. Now, the customer experiences “peace of mind” for fast, reliable, lower-cost payments.

SCB is now partnering with Ripple for its latest innovation: “Easy App.” SCB’s Easy App is a QR code-based app that will allow tourists visiting Thailand to pay for goods and services without needing to change currencies beforehand – an efficiency over traditional Thai money transfer and exchange services.

As the first and largest bank in Thailand, Siam Commercial Bank (SCB) has led a digital banking transformation that has resulted in the country ranking first for global mobile banking users.

RippleNet is helping SCB create connections with banking partners around the world and serve the region’s valuable migrant worker market. SCB customers can send money to Thailand for family and friends back home at a much lower cost. The transaction is completed instantly, instead of the usual three-to-five-day wait.