Siam Commercial Bank (SCB), in collaboration with Japan’s SBI Remit, is using Ripple’s blockchain enterprise solution to power real-time remittance payments between Japan and Thailand.
The new service supports individual funds transfers from JPY in Japan to THB in SCB savings accounts in Thailand. Once sent, the funds are credited to an SCB recipient’s account within two to five seconds, a significant uplift compared with the up to two business days it currently can take for a payment to be made between the two countries.
SCB plans to roll out the service in other key markets across North America, Europe and Asia Pacific.
Approximately 40,000 Thai nationals currently live in Japan and total remittance flows from Japan to Thailand are roughly $250 million a year.
“SCB invests in innovative technology like Ripple to provide our retail customers with the financial products and services they increasingly need in this digital age,” said Dr. Arak Sutivong, chief strategy officer at SCB.
He added that customers increasingly expect payments to work in real time, whether domestic or international – particularly SCB’s remittance payments customers whose families oftentimes depend on the availability of funds for basic needs. “Time is of the essence to them.”