Azimo, Digital money transfer service, has collaborated with Siam Commercial Bank (SCB), Thailand’s oldest bank, to roll out a real-time trans-border payments facility from Europe to Thailand via Ripple’s worldwide payments network, RippleNet.
As per media news, the new facility intends to address the concerns of costlier worldwide remittance that lack trustworthiness. The company claims that their platform will enable payment from Europe to Thailand to be completed within a minute.
Traditionally, remittance between Europe and Thailand usually takes more than one business day to be completed. Azimo, on the contrary, can assist in converting Sterling Pound and Euros into Thailand’s Baht on a real-time basis.
Michael Kent, Azimo’s co-founder and executive chairman, underlined that several countries are using similar real-time payment solutions. Kent further said:
“Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe.”
As per the World Bank figures, Thailand is one of the top destinations of inward remittance, receiving almost $6.70 billion every year. The cost of sending or receiving funds from Thailand is higher than several countries.
The collaboration has been announced soon after Azimo unveiled RippleNet’s On-Demand Liquidity facility under its plan to expand operations to Philippines. The company plans to roll out its service in other countries in the months ahead.
The SCB had collaborated with Ripple to setup a blockchain powered mobile app to permit cost effective, trans-border remittance system.
