Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), which recently conducted a pilot program using Ripple’s technology to cut short transaction times from 2 days to 1 minute, has confirmed that it is using Ripple’s xRapid technology to speed up transactions, and that transactions from Japan to Thailand take about 2 to 5 seconds.
Yesterday confirmation from SCB use of xRapid from Japan to Thailand. pic.twitter.com/knUppZVGbX
— CryptoEri (@sentosumosaba) May 27, 2019
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
The SCB has also previously said that, regarding the use of the XRP token itself, that users will have to wait for a future announcement for confirmation. The bank has also spoken VeChain in a blog post that discussed the uses of cryptocurrencies in various industries.
Ripple has made phenomenal progress with securing financial institutions around the world to use its technology and many have praised the technology for its ability to speed up cross-border transactions. Countries from all across the world have considered the tech, and Ripple CEO Brad Garlinghouse has been making an effort to convince financial insiders that Ripple’s tech xCurrent is “SWIFT 2.0.”
The RippleNet is now over 200 partners strong and several banks have conducted pilot programs that showcase the efficiency of using Ripple’s tech in cross-border transactions. Ripple is undoubtedly setting itself up as a very viable solution for the banking industry, which suffers from delayed transaction times that are expensive.
