Investors and developers in Thailand are closely monitoring one of the country’s oldest and largest banks, Siam Commercial Bank (SCB), in its initiative to start offering overseas transfers using blockchain, providing significantly lower fees and transaction times.

Remittances Take Quantum Leap with Ripple’s Blockchain Platform

According to local crypto outlet Siam Blockchain, SCB announced nearly two years ago that it is using Ripple technology to develop the transaction process.

Then, in May 2019, SCB confirmed via Twitter that it is using blockchain technology for payment transactions via Ripple, but not its XRP token. The bank revealed that it is using Ripple’s xCurrent payment system to offer low-cost, speedy international transactions for users. xCurrent is an alternative to SWIFT — a system where money transfers are made with fiat currency.

Implications for XRP Investors

XRP investors are keeping a close watch in case SCB makes the switch to xRapid instead of xCurrent. With xRapid, XRP tokens are utilized to make overseas transfers cheaper for enterprise-scale users.

If the SCB decides to use cryptocurrency in its international transfers, it would send a strong positive signal to XRP investors.

The bank said in its statement, “We will be using Blockchain Technology for Ripple, but as for XRP, you may have to wait for further announcement.”

SCB had been working with Ripple for some time in order to develop the bank’s blockchain payment system with several features, such as RippleNet’s “multi-hop,” among other services.

Source: siamblockchain.com

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