• Thu, 22 Aug 2019, 09:50 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology

Thu, 25 Apr 2019, 04:28 am UTC

Thailand-based Siam Commercial Bank (SCB) and PTT Exploration and Production (PTTEP), a national petroleum exploration and production company, have successfully made pilot payments on blockchain, SCB announced earlier this month.

SCB and PTTEP teamed up in mid-2018 for a research and development effort focused on adopting blockchain technology in cross-border B2B payment.

In an official announcement, SCB said that they were able to carry out pilot payments on blockchain earlier this year. The pilot transactions demonstrated that “payments reached destinations within one minute, compared to one to two days with conventional methods.”

Although the latest announcement does not specify which blockchain was used for the pilot project, PTTEP CEO Khun Somporn Vongvuthipornchai had said last year they were collaborating with SCB to implement Ripple's blockchain technology in international money transfer transactions.

“The project marks a major success in bringing a new international payment service standard for corporate customers using Blockchain technology,” Siam Commercial Bank SEVP & Chief Wholesale Banking Officer Wasin Saiyawan said.

Saiyawan said that the blockchain-based service will be rolled out in all CLMV and southeast Asian countries by this year.

“We are now ready to take the success of this service forward to set a new norm for the industry, enabling our customers to enjoy efficient and speedy service,” he added.

Last September, SCB became the first financial institution on RippleNet to pioneer “multi-hop” feature, which allows the bank to settle frictionless payments on behalf of other financial institutions on the network.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,015.90 (-1.69%)
  • Ethereum (ETH) $186.79 (-0.73%)
  • XRP (XRP) $0.264600 (-0.30%)
  • Bitcoin Cash (BCH) $297.99 (-0.72%)
  • Litecoin (LTC) $72.86 (+0.78%)
  • Bitcoin (BTC) $10,015.90 (-1.69%)
Aug 22, 2019 (Thursday)
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Travelport, IBM, BCD Travel to develop blockchain solution for hotel commissions
Trade.io ends relationship with Forbes CryptoMarkets portal
Winklevoss twins-owned crypto exchange Gemini expands to Australia
South Korea’s Woori Financial to develop blockchain-based financial services with Ground X
Crypto Technicals: Bitcoin Gold hits 5-month lows below $13, momentum studies bearish
Digital securities platform Securitize becomes SEC-registered transfer agent
Indian Supreme Court grills RBI for cryptocurrency banking ban
Cryptopia customers did not have individual wallets; liquidator Grant Thornton to manually determine crypto ownership
Korean crypto exchange Prixbit shuts down over financial crisis
Crypto Technicals: BTC/USD below $10K, breach of 'Symmetric Triangle' could plummet prices further
Aug 21, 2019 (Wednesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
European Commission looks into “potential anti-competitive behavior” of Facebook's Libra: Report
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
Austrian telecom giant A1 to offer cryptocurrency payment option
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.