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Siam Commercial Bank, Ripple to launch app for instant cross-border payments

Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile app powered by blockchain to deliver instant cross-border payments.

The app, dubbed SCB Easy, was demoed in December 2019 during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its ability to send cross-border payments in seconds, Coin Telegraphsuggests.

Thailand-based SCB announced the service announced that people from abroad can transfer payment and receive money immediately, without the need for the customers to physically go to a bank branch, fill out complicated forms, and wait for payments to be received. Moreover, SCB is also working with Ripple to offer cross-border EMVCo QR payments, will allow the bank to offer customers micro-payment services in addition to remittances.

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