Siam Commercial Bank of Thailand begins testing a feature of the RippleNet

Siam Commercial Bank of Thailand begins testing a feature of the RippleNet

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Answer Siam Commercial Bank of Thailand begins testing a feature of the RippleNet

According to a post published on September 28 on the Ripple website, Siam Commercial Bank, located in Thailand, will be the first to use the Ripple network’s “Multi-Hop” feature.

This feature allows the bank to indirectly settle payments on behalf of other financial entities via the corporate blockchain network of Ripple.

Ripple states on its website that the “Multi-Hop” feature, known as “Multi-Hop,” will give the bank the ability to: “receive and send payments without the need for a bilateral relationship between the originator and the beneficiary institutions.”

Strengthening liquidity among the countries of the Association of Southeast Asian Nations.

The blog posted notes that ASEAN countries struggle with inefficiencies and high fees when it comes to cross-border payments, as countries in the region often have to convert the payment into dollars first to clear their accounts through correspondent banks, and then change currency again. Other to the approved currency of the beneficiary.

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Thanks to the “Multi-Hop” feature, financial institutions can communicate directly with the European Central Bank to carry out regional transactions without the need to convert currencies several times, in addition, this will ensure that customers of companies linked to the Ripple network get completed payments in a more transparent manner, and in a shorter period of time And the fees are simpler.

Ripple network expansions (Ripple net)

For over a year now, the Ripple platform has been expanding the enterprise blockchain network, with the overarching goal of enabling real-time settlements as well as clearing international transactions.

In September 2017, Ripple opened offices in India, the world’s largest remittance recipient, and Singapore, a leading financial region in Asia.

In early September, BNC Financial Services agreed to join the Ripple Alliance. BNC Bank is currently the ninth largest bank in the United States by assets. The addition was announced as a major step for Ripple as it continues to expand its global payments network.

To date, the RippleNetwork consists of more than 100 financial institutions, and includes a large number of banks, payment undertakers and remittance agents, and on September 18, the National Commercial Bank of Saudi Arabia agreed to join the Ripple network. The company considered this move as a big win for it given that Saudi Arabia is one of the largest sources of remittances in the world.

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Money transfer companies along with small and medium enterprises (SMEs) are said to be the biggest beneficiaries of the Ripple network. Ripple posted a blog post on September 28 addressing the issue that these two entities typically have “little or no support” due to their low-value payments and traditional cross-border payment practices.

As a result, the ability to carry out cheap and secure global transactions in real time is now available to them as Ripple Network clients are said to have great advantages for small and medium-sized businesses and remittance centers around the world.

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