- Azimo and Siam Commercial Bank’s (SCB) cross-border channels will instantly send payments from Europe to Thailand.
- Thailand is one of the top remittance destinations globally, with $6.7 billion received from other countries every year.
Azimo, a European money transfer services platform, is collaborating with Thailand’s Siam Commercial Bank (SCB). The partnership aims to power a real-time remittance service by leveraging Ripple’s payments technology. As per a recent press release by Ripple, the partnership will reduce the general average time for payments from Europe to Thailand from one business day to less than a minute.
Michael Kent, the co-founder and executive chairman of Azimo, said that this partnership is part of a larger transformation that’s taking place in the cross-border payments industry.
More and more countries are going to instant payment. 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.
Thailand is one of the top remittance destinations globally, with $6.7 billion received from other countries every year. Ripple said:
The high cost and slow cross-border payments experience today leaves remitters with few options, providing an opportunity for global financial institutions to build differentiated value propositions in this market and deliver an improved customer service experience.
In February, Azimo first partnered with Ripple and said that it plans to use XRP to power cross-border payments. However, the partnership between Azimo and Siam Commercial Bank does not seem to utilize the digital asset.
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