On 9th April, Ripple published a blog on how the company was helping out people in Thailand for cross border payments. They established their plans for making new connections and expanding the remittance capabilities of RippleNet customers like digital money transfer service Azimo and universal banks like SCB Thailand.
As one of the top global remittance destinations, Thailand receives over 6 billion USD from countries worldwide annually. Irrespective of the heavy payments coming in, the country experiences costly transactional fees.
To fight the expense and time-consuming transactions, at a time when the pandemic is on the rise, Ripple is leveraging Azimo and SCB Thailand with Ripple’s Global Payments Network – RippleNet. This will enable “instant” cross-border payments from Europe to Thailand.
“Connections like this help solve the challenges of expensive and unreliable global payments. Before, remittances from Europe into Thailand averaged more than one business day to settle. Now, through the RippleNet connection with SCB, Azimo can clear Pounds and Euros into Thai Baht in less than a minute.”
Recently, Azimo launched RippleNet’s ODL [On-Demand Liquidity] service as a part pf their remittance capabilities in Philipines. According to Ripple, from the time Azimo joined hands with them, the payment provider has been able to expand their reach by offering more places and ways to move money.
Cross border payments have always been a problem to the export/import community, but with the ever-increasing global businesses, cross-border payments needed a faster, secure and easier solution. With a single connection, financial institutions can now gain access to blockchain technology and its immutable ledger along with faster than ever transaction timeline using Ripple’s ecosystem especially in a time of crisis and global lockdowns.
Unconfirmed: Bank of America and Ripple Have Something Cooking
One of the XRP influencers on Twitter tweeted, “Bank of America and Ripple are about to drop the atomic bomb of announcements and it will send $XRP soaring. Mark my words it’s coming.”
The tweet included two screenshots, one belongs to the official account of Ripple which has asked the influencer to take down a post which consists of certain “larger campaign” and that the information was leaked prematurely. While the other screenshot consists of Bank of America details which hints at something Ripple and BOA might be working on.
Here are the screenshots:
Image Source: XRP 2020 Twitter
Along with this, there are rumors going on about Ripple being acquired by Bank of America. You can check out more about it here!