Thailand's Azimo has partnered with Thailand's oldest bank, Siam Commercial Bank (SCB), to carry outinstant payments from Europe to Thailand using the RippleNet network.
In their statement, the companies emphasized thatRippleNet will help solve the problems of traditional, costly and insecure global payments. Using the Azimo platform, payments from Europe to Thailand are completed in less than a minute.
Earlier international transfers from Europe to Thailandtook more than one business day, but thanks to the use of the Azimo platform and the RippleNet network, payments are quick and automatically converted from Euro or British Pound to Thai Baht.
“In Thailand, a network of fastpayments. Thanks to the partnership with the largest bank in the country, we were able to reduce the time of payments from 24 hours to 22 seconds. It’s faster to send money from Europe to Thailand than to someone in Europe itself, ”said Michael Kent, co-founder of Azimo.
Note that Azimo is not the first Thai company to join the RippleNet network. In March, Thailand-based fintech company DeeMoney announced its use of RippleNet for fast cross-border payments.
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