Azimo – specialising in crypto money transferring – has reportedly collaborated with major Siam Commercial Bank (SCB), to release an EU-Thailand instant cross-border payments platform, via RippleNet.
Specifically, the RippleNet-enabled payment service is reportedly expected to function as a tool that helps fixing issues of high-cost and untrustworthy global payments.
Via the new platform, the remittance finalizing process from EU to Thailand will reportedly be finalized in under 60 seconds.
Previously, remittances from the EU to Thailand required up to over one business day to be completed. The new platform from Azimo can conduct the conversion process of Sterling Pound and Euros into Thai Baht and finalize it in a matter of seconds.
Michael Kent – co-founder and a member of the executive board at Azimo – reportedly emphasized that numerous nations have put their faith into the firm’s new solution.
“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.” He further added.
The World Bank has reportedly released statistics, showing Thailand is a major remittance destination for the global market, with up to $6.7 billion facilitated annually.