To start a cross-border payment service from Europe to Thailand via RippleNet, the digital money transfer service, Azimo, and Siam Commercial Bank (SCB), the oldest bank in Thailand, have come together.

While making an <a href="https://ripple.com/insights/azimo-and-scb-runs-on-ripple-for-instant-payments-into-thailand/" target="_blank" rel="noopener">announcement</a> on April 09, 2020, the companies stated that the solution would resolve the problem of expensive and unreliable global payments. Further, it was mentioned that the payment made through their platform from Europe to Thailand would get completed in less than a minute.
<h2>Azimo Takes Less Time To Clear Remittance</h2>
Earlier, the payment between Europe and Thailand usually gets settled in more than a day. While on the other hand, in no time Azimo could clear Sterling Pound and Euros into Baht.

The co-founder and the executive chairman of Azimo, Michael Kent, during the announcement mention that in the present time many countries have been using this type of solutions for the instant payment. He further added that with the launch of instant payment network in Thailand and collaboration with the SCB, would help them to settle the payment in just 22 seconds.

The World Bank released figures earlier, stating that Thailand is one of those countries which is considered as a main remittance destination in the world. The country receives almost $6.7 billion every year as a remittance.

However, Thailand is also among those countries where sending and receiving money is the most expensive.
<h2>SCB Launched Blockchain-Based Mobile App</h2>
Azimo collaborated with SCB after it launched the On-Demand service of the RippleNet, as an expansion into the Philippines. Soon the Azimo would introduce this service in other countries too.

According to a January 08, 2020, report, the SCB earlier collaborated with Ripple to develop a mobile app using blockchain technology that would help the people around the world in cross-border payment. The report further suggested that the service provided by them was low-cost.

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Azimo And SCB Together Launches Instant Payment In Thailand Via RippleNet

To start a cross-border payment service from Europe to Thailand via RippleNet, Azimo, and Siam Commercial Bank (SCB) have come together.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Azimo And SCB Together Launches Instant Payment In Thailand Via RippleNet

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