Customers of Thailand’s Siam Commercial Bank (SCB) reported that the bank’s mobile application, SCB Easy (version 3.19), has unveiled a new feature that lets customers transfer funds overseas using Ripple’s xCurrent technology.
Lower Fees and Quick Transfers with Ripple’s xCurrent
With this new function, users of the app can carry out cross-border transfers that will cost less and take only seconds to complete.
According to local crypto outlet Siam Blockchain, a screenshot of the app on an Android platform shows a message from the bank that reads, “Faster and cheaper international transfers with blockchain technology, exclusively for SCB Easy customers.”
Ripple’s xCurrent allows banks to carry out transfers in conjunction with other banks, regardless of the difference between the fiat currencies between sender and receiver. However, the platform does not utilize XRP tokens.
SCB has worked with many partners to develop blockchain platforms for its services. Prior to xCurrent, the bank had partnered with a Japanese bank to experiment with cross-border transfers using Ripple’s technology in 2017.
Stakeholders in the cryptocurrency industry are keeping a close watch on Ripple’s services related to international transfers. With blockchain technology serving as a tool for the banking sector, many have speculated that the traditional SWIFT system used for cross-border transfers may soon be outdated due to its lengthy processing period and expensive fees.
SCB has been keen to try out Ripple’s services and has also disclosed that the bank was able to shorten the processing time for overseas transfers from two days to only one minute.
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