Siam Commercial Bank (SCB) has launched the Outward Remittance Service via SCB EASY developed in partnership with Ripple, an enterprise blockchain solution for global payments. Following the approval to exit the Bank of Thailand (BoT) regulatory sandbox, the bank is now launching the service to its retail customers across the country.
The Outward Remittance Service aims to improve cross-border payments and expand the remittance service across 12 countries. Powered by Ripple’s blockchain technology – RippleNet, the service is more convenient allowing customers to conduct transactions anytime faster with a real-time remittance service where transfer times are cut to a few seconds depending on the beneficiary bank. The beneficiary receives the transferred amount at a competitive exchange rate.
Ittiphan Jearkjirm, Executive Vice President of Global Transaction Banking Services at Siam Commercial Bank apprised, “SCB strives to implement new technology to enhance financial products and services to answer customers’ needs. We partnered with Ripple, leveraging advanced technology to offer a Seamless Global Payment Experience. After approval from BoT sandbox for Outward Remittance Service via SCB EASY, we aim to offer a convenient solution for our customers in 3 main segments including international trade, parents of overseas students, and family support segments. The service offers convenient and safe real-time money transfers anytime and promises to change the traditional way of money transfers as customers no longer need to travel to branches to make transactions. Moreover, it will encourage more transactions through digital channels, which hopefully reduces risk from touching cash and protects customers from the widespread COVID-19 virus.”
Outward Remittance Service via SCB EASY powered by RippleNet will provide convenience for customers to transfer via SCB EASY anywhere and anytime, making it easier than ever to send money as customers don’t need to register for the service or attach transfer evidence.
Marcus Treacher, Senior Vice President of Customer Success at Ripple enunciated, “As long- time partners, Ripple and SCB share the belief that blockchain technology is key to transforming the financial industry. Our partnership is the first of its kind to graduate the BoT sandbox, demonstrating the convergence of cross border payments with national domestic real-time payments through EasyPay. We are thrilled to continue our partnership with SCB to bring this new functionality to SCB’s customers to enable instant, reliable and low-cost payments. Outward Remittance Service via SCB EASY aims to improve cross-border payments and expand its USD, GBP, EUR, and SGD remittance service across twelve countries, including the United Kingdom, USA, Singapore, France, Germany, Italy, Spain, Netherlands, Ireland, Austria, Belgium, and Portugal.”
Every transaction includes an e-slip which is automatically saved on users’ phones. Customers can use the e-slip as proof of transactions and send it to a beneficiary via social platforms, “As an introduction of this service to customers, SCB has offered a ‘Zero fee’ promotion in partnership with Ripple for all transactions from today to 30th June 2020. We expect to see a shift in customer behavior leading to an increase in the number of transactions to 80,000 transactions or the total transferred amount of THB 11 billion by 2020,” Ittiphan added.
In addition, SCB also partners with startups around the world to provide money transfer services to Thailand. With the same Ripple network that harnesses blockchain technology, payments can instantly transfer from around the world through SCB to recipients using PromptPay service at more than 24 Thai banks.