Thai company Azimo has partnered with Siam Commercial Bank (SCB), Thailand's oldest bank, to make instant payments from Europe to Thailand using the RippleNet network.
In their statement, the companies stressed that RippleNet will help solve the problems of traditional expensive and unsafe global payments. By using the Azimo platform, payments from Europe to Thailand are made in less than a minute.
Previously, international transfers from Europe to Thailand took more than one working day, but using the Azimo platform and RippleNet, payments are made quickly and automatically converted from the euro or British pound to Thai baht.
"Thailand has recently launched a fast payment network. Thanks to our partnership with the largest bank in the country, we were able to reduce the time for payments from 24 hours to 22 seconds. It is now faster to send money from Europe to Thailand than to anyone in Europe itself," said Michael Kent, co-founder of Azimo.
It should be noted that Azimo is not the first Thai company to join RippleNet network. In March, a Thai financial company DeeMoney announced the use of RippleNet for fast international payments.
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