SCB’s working relationship with Ripple has been well-documented. SCB is the first financial institution on RippleNet to pioneer a primary feature called “multi-hop.” The oldest Thai bank, Siam Commercial Bank (SCB), revealed that they managed to cut down cross-border transaction time from two days to one minute. As per their announcement: “In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment. Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared to one to two days with conventional methods.” Even though Ripple has not been explicitly mentioned, it is an open secret that SCB is experimenting with Ripple’s tech to boost transactions speed and efficiency. Phimonpha Santichok, Senior Vice President Chief Executive Officer of Commercial Banking Solutions, said last year that “SCB has invested in Ripple, which is a major global enterprise blockchain solution.” Plus, Ripple had themselves written a blog post about their working collaboration with SCB saying: “Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Former PBOC Advisor: Need to wait and see if another RRR cut is required FX Street 4 years SCB's working relationship with Ripple has been well-documented. SCB is the first financial institution on RippleNet to pioneer a primary feature called "multi-hop." The oldest Thai bank, Siam Commercial Bank (SCB), revealed that they managed to cut down cross-border transaction time from two days to one minute. As per their announcement: "In a bid to optimize operational efficiency, SCB and PTTEP have collaborated since mid-2018 on a research and development effort to adopt Blockchain technology for cross-border B2B payment. Earlier this year, the project was able to make pilot payments on Blockchain, with payments reaching destinations within one minute, compared… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.