Siam Commercial Bank (SCB) has expanded the currency option for remittances through his own platform on the blockchain Ripple. This is with reference to the top management of the Bank reports the Bangkok Post.
Senior Manager for strategic planning SCB Sutivong Arak (Arak Sutivong) told the publication that the scaling was conducted in response to the surge in the inflow of euros and British pounds in Thailand. The necessary system changes will be conducted in the third quarter of 2018. At the initial stage, these currencies will primarily be used for cross-border payments retail customers. To do this, SCB will involve other financial institutions that also use transactional services Ripple.
In addition to pounds and euros, the Bank is testing blockchain technology for translations of Japanese yen. Testing takes place in the framework of the joint programme, more than 60 Japanese and South Korean banks are also experimenting with international remittances through the service Ripple — xCurrent.
Claims CoinDesk, SCB started to use the technology back in June of last year. One-way traffic amounts (the money is sent exclusively from Japan to Thailand), it was decided to carry out in the sandbox under the supervision of the Central Bank of the country.
Currently, Siam Commercial waiting for permission to withdraw the tests from the sandbox. According to the Bank, further samples from other currencies is not necessary, since the fundamental process remains the same.
It is expected that the partnership with Ripple will allow the Bank to accelerate the process of international transfers through the use of the DLT instead of the services of a correspondent Bank.
We will remind, earlier it became known that the technology of the distributed registry Ripple is tested for transfers between banks of Japan and South Korea.