Azimo and Siam Commercial Bank Launch Payments Into Thailand Through Ripple
- Azimo can now settle payments down from around 24 hours to an average of 22 seconds
Digital money transfer service Azimo, in partnership with Siam Commercial Bank (SCB), one of Thailand’s leading universal banks, is launching instant cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term from Europe to Thailand. This new connection was made possible through RippleNet, Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Read this Term’s global payments network, according to Ripple Insights.
Digital payments are playing an increasingly critical role in enabling people to send money home to loved ones, especially in low- and middle-income countries, where the need for instant, affordable transactions are more crucial than ever, Ripple says.
According to the World Bank, Thailand is one of the top remittance destinations globally, with $6.7 billion received from abroad each year. It is also one of the most expensive countries to send and receive money.
“The high cost and slow cross-border payments experience today leaves remitters with few options, providing an opportunity for global financial institutions to build differentiated value propositions in this market and deliver an improved customer service experience,” Ripple said.
It explains that connections like this help solve the challenges of expensive and unreliable global payments.
Before, remittances from Europe into Thailand averaged more than one business day to settle. Now, through the RippleNet connection with SCB, Azimo can clear Pounds and Euros into Thai Baht in less than a minute, according to the firm.
Instant payment
“More and more countries are going to instant payment,” said Azimo co-Founder and Executive Chairman Michael Kent. “Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe”.
This news comes on the heels of Ripple’s recent announcement of Azimo’s launch of RippleNet’s On-Demand Liquidity (ODL) service, as part of their remittance capabilities into the Philippines.
This global payment network removes the decades-long pain of cross-border payments.
“People can’t and shouldn’t wait days or even weeks to receive payments from loved ones. RippleNet and ODL are allowing financial institutions to process global payments at unprecedented speed, changing the status quo. By making new connections and expanding services like Azimo’s partnership with SCB, Ripple customers are able to deliver the best experience in cross-border payments today,” the firm concluded.
Digital money transfer service Azimo, in partnership with Siam Commercial Bank (SCB), one of Thailand’s leading universal banks, is launching instant cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term from Europe to Thailand. This new connection was made possible through RippleNet, Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may send and receive currencies to public digital address codes through the Ripple network. You can think of a gateway as a payment intermediary for Ripple. Serving as a bridge currency, XRP allows for a seamless exchange of any currency (fiat or cryptocurrency) due to each currency possessing its own gateways such as BitPay, CoinsBank, Blockonomics, and CoinGate. Unlike Bitcoin, the Ripple network does not support proof-of-work (PoW) or proof-of-stake (PoS) systems. Instead, a consensus protocol is employed to authenticate and verify that each transaction and account balance match.This ensures the integrity of the Ripple network while lessening the risk of double-spending, all while these confirmations take no longer than 4 seconds to complete.Ripple’s IOU gateway is similar to the traditional banking systems, where contractual obligations are upheld while the potential of transactions defaulting is a constant variable with counter-party risk. Coincidentally, banks are said to be increasing their usage of the Ripple payment system while its market cap shows evidence of its value and demand. All transactions performed over the Ripple network are logged and may be seen on the Ripple consensus ledger. For trading, XRP is generally traded in the form of CFDs. Read this Term’s global payments network, according to Ripple Insights.
Digital payments are playing an increasingly critical role in enabling people to send money home to loved ones, especially in low- and middle-income countries, where the need for instant, affordable transactions are more crucial than ever, Ripple says.
According to the World Bank, Thailand is one of the top remittance destinations globally, with $6.7 billion received from abroad each year. It is also one of the most expensive countries to send and receive money.
“The high cost and slow cross-border payments experience today leaves remitters with few options, providing an opportunity for global financial institutions to build differentiated value propositions in this market and deliver an improved customer service experience,” Ripple said.
It explains that connections like this help solve the challenges of expensive and unreliable global payments.
Before, remittances from Europe into Thailand averaged more than one business day to settle. Now, through the RippleNet connection with SCB, Azimo can clear Pounds and Euros into Thai Baht in less than a minute, according to the firm.
Instant payment
“More and more countries are going to instant payment,” said Azimo co-Founder and Executive Chairman Michael Kent. “Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds. [It’s] faster to send money to Thailand than to someone else in Europe”.
This news comes on the heels of Ripple’s recent announcement of Azimo’s launch of RippleNet’s On-Demand Liquidity (ODL) service, as part of their remittance capabilities into the Philippines.
This global payment network removes the decades-long pain of cross-border payments.
“People can’t and shouldn’t wait days or even weeks to receive payments from loved ones. RippleNet and ODL are allowing financial institutions to process global payments at unprecedented speed, changing the status quo. By making new connections and expanding services like Azimo’s partnership with SCB, Ripple customers are able to deliver the best experience in cross-border payments today,” the firm concluded.