Ripple for business development is used by many organizations quite actively. Ripple provides technologies that are quite profitable for various firms. Ripple projects make it possible to reduce the cost of the money transfer process and generally improve the situation. Therefore, many Ripple partners are trying to develop such a relationship. So, SCB (Siam Commercial Bank) talked during the Swell conference about how it uses Ripple technology to increase opportunities.
Ripple for Business Development: SCB Usage Details
Ripple technologies will be used at SCB to increase business opportunities and development. Siam’s Commercial Bank announced its significant plans for the further application of the projects during the Swell 2019 conference organized by Ripple, which was held on November 7-8 in Singapore. According to SCB Senior Vice President Artit Sriumporn, the bank currently has over 10 million customers. A financial institution recently launched the SEPEC mobile app for them, where Ripple technology can produce very good results.
According to the representative of the Ripple partner, the use of such technologies will allow the bank’s customers not to worry when their loved ones receive the transferred funds. Thanks to Ripple, it will be possible to successfully send pounds sterling, euros, US dollars and Singapore dollars. Arthit Sriumporn emphasized that the bank strives to satisfy customer needs to the utmost. Thanks to Ripple technology, the transfer of funds abroad will be quick, cheap and fairly reliable. Ripple technology will make sure that the money sent is immediately received. Accelerated payments can change people’s lives, according to a representative of SCB (Siam Commercial Bank).
We just launched our SEPEC mobile application where our customers can do the outward flow abroad, before that they have to go to the branch, they don’t know when their loved ones abroad would receive the money, said Arthit Sriumporn, by adding, With Ripple’s capability, we can clear GBP, Euro, USD, and Singapore Dollars. I just want to express our passion for changing people’s lives, in fulfilling our customer’s needs. Now, we can transfer the money abroad fast and cheap and with certainty. We can make sure the beneficiary of the received money right away.
It is worth noting that SCB became a member of the Ripple network in May 2019. It is the largest commercial bank in Thailand, which among the Ripple partners stood out by using the multi-hop function. This function, as noted by Ripple, allows banks to make settlements without the need for unnecessary agreements. In addition, during the conference, Ripple previously announced that the number of customers exceeded 300.
Ripple also managed to significantly increase the volume of transactions. Thus, in a fairly short time, Ripple showed excellent growth. Ripple partners are well aware of this, actively taking advantage of the opportunities provided. SCB is a good example of this.