Ripple, the company is always at the forefront of finding new ways to increase efficiency and eliminate latency. The partnership between SBI Remit of Japan and the Siam Thai commercial bank is a clear demonstration of their efforts. All things constant, this partnership proved to be fruitful allowing Thai citizens to send money from Japan at low cost and almost instantly.
Initially, the new operational relationship between SBI Remit of Japan and Siam Commercial bank (SCB) of Thailand came into force at the end of June, the goal was to allow Thai citizens who work and live in Japan to send your funds through Ripple's X-Current business solution.
SBI and SCB Partnership
This service is a real-time remittance and payment solution created by Ripple and is an implementation used by Siam Commercial Bank, Thai citizens can easily send money directly to SCB accounts with forex exchange conversion made over the RTXP network. There is no limit because funds dominated in the Japanese Yen can be sent directly from ATMs directly to SCB accounts at any time of day, as long as ATMs are part of the SBI Group's network.
It is worth noting that over 40,000 Thai citizens work and live in Japan and that their total remittance flows in excess of Thailand exceed $ 250 million a year. This is the only reason why SBI Remit stepped in to reduce the time and cost of the transaction, allowing an instant payment without affecting the amount sent via unnecessary commissions.
XCurrent is an innovative solution
"Innovative solution", the SCB Chief Strategy Officer, dr. Arak Sutivong said the bank has continued to work to provide its retail customers with products and financial services that are indispensable in the digital age and that use Ripple technologies at the top of the list. You can see how the remittance service of SBI Remit and Siam Commercial Bank works in real time.
Ripple was formed in 2012 and 2016, SBI Group invested in Ripple. In addition to SBI Remit, SBI Group is behind SBI Holdings, a company that has an interest in trading and has recently invested 12% in Clear Markets and Canada Lancium Technologies.