The Bangkok Post reported on Tuesday that SCB, one of the largest commercial banks in Thailand, will be adding euros and British pounds to its cross-border remittance system that runs on technology provided by Ripple, a blockchain-based company.
The San Francisco- based company, Ripple, is responsible for developing the cryptocurrency platform with the same name, for which the transactional protocol is XRP, the platform’s native currency. Unlike other cryptocurrencies, transfers with XRP are effective and almost instant, requiring no typical confirmation time
According to Arak Sutivong, the bank’s chief strategy officer, in an interview given to the Post, the bank decided to add the new remittance options came after it observed a notable euro and pound inflow to the country.
The update will be finished in the third quarter of this year, Arak said the two added currencies will be focused in the beginning on inbound remittance for its retail clients through its partnership with banking members from the Ripple network.
The new remittance options add to the current Japanese yen which is currently being tested by the bank as part of a bigger effort from a conglomerate of over 60 Japanese and South Korean banks in steering Ripple’s blockchain payment solution.
The bank admitted that it has been conduction conducting remittance trials since last year’s June, enabling Thai people that are located in Japan to send funds back home, through a sandbox way of testing under the supervision of the Bank of Thailand, the nation’s central bank.
Currently waiting for confirmation to exit its testing stages, SCB said these new currency additions to its remittance system may not require to go through an experimental phase again, since the technological characteristics of the platform remain unaltered.