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Digital currency remittance service company Azimo has partnered with Thailand’s oldest bank, Siam Commercial Bank (SCB), to launch an instant cross-border payment service from Europe to Thailand, which will be enabled through Ripple’s global payment network RippleNet .

According to a statement on April 9, the solution is designed to solve the challenge of expensive and unreliable global payments. They say that through their platform, money transfers from Europe to Thailand will be completed in less than a minute.

Instant cross-border payments via RippleNet

Historically, money transfers between Europe and Thailand have typically taken more than one working day to settle. Azimo, on the other hand, can instantly convert pounds and euros into Thai baht.

The company’s co-founder and executive chairman Michael Kent highlighted that many countries are using this instant payment solution. He added:

“Thailand recently launched their instant payments network, and working with the country’s largest bank has allowed us to reduce payment times from approximately 24 hours to an average of 22 seconds. Sending money to Thailand will be faster than to other countries in Europe. ”

Expensive Thailand money transfer services

According to the World Bank, Thailand is one of the world's largest remittance destinations, receiving nearly $6.7 billion in remittances annually. However, the country also has one of the most expensive fees for sending and receiving money in the world.

Shortly before this, Azimo launched RippleNet’s on-demand liquidity service as part of its expansion into the Philippines. The service will be rolled out in other countries in the coming months.

Cointelegraph reported on January 8 that SCB had partnered with Ripple to develop a blockchain-based mobile application to enable low-cost cross-border payments.