Ripple, the issuer of XRP cryptocurrency, the third highest by market capitalization, is pushing ahead with its product suite through acquisitions and partnerships. While XRP coins are losing value, Ripple’s sales team has been busy with a spree of negotiations. These deals are also timely for Ripple’s looming IPO, which could value the company in 10 figures.
In Ripple’s newest deal, Azimo, a foreign crypto exchange service and Thailand’s famous commercial bank SCB (Siam Commercial Bank), have jointly worked together to launch a new instant payment transfer service for its consumers.
According to an April 9 news briefing, the new initiative aims to reconstruct the global payments ecosystem, which is the consortium claims is currently unreliable, less transparent, and incompetent for handling fast transactions. The firms also state that RippleNet will enable remittance from Europe to Thailand in just a couple of minutes. Moreover, the service will also use RippleNet, a crypto transfer service powered by blockchain technology.
Michael Kent, Co-founder of Azimo, said:
“RippleNet provides a standardized protocol for the messaging that is much more accurate and hi-fidelity than what people have tended to use, which is SWIFT. It means we could do the integration faster and have more confidence that its [sic] enterprise-grade from the time we go live.”
Vouching for Surge in Transactional Throughput
The Thai economy greatly benefits from remittance inflows. The World Bank indicates that the country received almost $6.7 billion in remittance. Despite this, cross border transactions are pretty slow and expensive in the country.
Usually, it takes 24 working hours to transfer payments from Europe to Thailand. However, the new service will allow consumers to transfer payments in just a few minutes via a smartphone.
Kent further emphasized that many countries are developing new solutions to transfer instant cross border payment, He added:
“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.”