Thai Bank Pilots Cross-Border Transaction Using Blockchain

Krungsri Bank image via photobyphm / Shutterstock

Bank of Ayudhya notably can be trialing Ripple’s xCurrent blockchain to likewise move payments between Thailand and Singapore, as previously reported by CoinDesk. Like its blockchain platform, the bank hopes to check “high-speed diplomatic payments involving independent banks.”
“Successfully finished in a matter of minutes, the technology-based trade helps enhance their subsidiaries’ financial liquidity toward higher  flexibility and efficiency.”
Before this week, Banco Masventas in Argentina also trialed a cross-border payment – although it specifically used bitcoin through cryptocurrency startup Bitex to ease the trade.
The bank, also referred to as Krungsri, announced it committed a real-time international remittance in concert with MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank (Singapore) using the Krungsri Blockchain Interledger. In particular, the bank used its blockchain to ease a move from Mitsubishi’s Krungsri account for its Standard Chartered account, as per a press release.

Published at Wed, 23 May 2018 19:00:37 +0000
Employing this technology in the future will allow Mitsubishi, and other businesses, “further enhance its liquidity management efficacy and decrease their cost management,” the bank said.

The bank previously trialed its own blockchain in a cross-border evaluation in September 2017, according to the release.
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Krungsri Consumer Group and electronic banking and invention mind Thakorn Piyapan Explained the powerful trial helped the bank gain the trust of Mitsubishi going forward, including: