SCB partners with Ripple to extend SCB Global Payment strategy, launching “Outward Remittance Service via SCB EASY” after BoT sandbox approval. Aiming to deliver convenience, speed, value, and safety 24x7
Siam Commercial Bank (SCB) has partnered with Ripple, the enterprise blockchain solution for global payments, and unveiled its SCB Global Payment strategy for cross-border payments to its retail customers, expanding cross-border transfers through a state-of-art Global Payment Platform. Following approval to exit the Bank of Thailand (BoT) sandbox, SCB is now launching “Outward Remittance Service via SCB EASY” to its retail customers across Thailand. The service, powered by RippleNet Ripple’s market-leading blockchain technology, aims to improve capabilities and expand coverage of its remittance services across 12 countries. The service is more convenient as customers can quickly make transactions anytime, faster with a real-time remittance service with transfer time from a few seconds to three working days depending on the sending location, and offers more value for your money as the beneficiary receives the full transferred amount without any deduction at competitive exchange rates. The service targets three segments: international trade, parents of overseas students, and family support. By 2020, SCB expects to see an increase in the number of transactions to 80,000, or a total transferred amount of THB 11 billion.
Mr. Ittiphan Jearkjirm, Executive Vice President of Global Transaction Banking Services at Siam Commercial Bank, said “SCB strives to implement new technology to enhance new financial product and service capabilities to answer customers’ needs. We have partnered with Ripple, leveraging an advanced Blockchain technology to offer a Seamless Global Payment Experience via our digital platform. After an approval from BoT sandbox for “Outward Remittance Service via SCB EASY”, we aim to offer a convenient solution for our customers in 3 main customer segments: international trade, parents of overseas students, and family support. This new service offers convenient and safe real-time money transfer with 24-hours availability. This service promises to change the traditional method of money transfers as customers no longer need to travel to branches to make transactions. Moreover, we believe it will encourage more transactions through digital channels. While the service will provide added convenience for our customers, it has the added benefit of reducing risks from handling cash and protect customers from the widespread COVID-19 virus.”
Mr. Marcus Treacher, Senior Vice President of Customer Success at Ripple, said “As long- time partners, Ripple and SCB share the belief that blockchain technology is key to transforming the financial industry. Our partnership is the first of its kind to graduate from the BoT sandbox, demonstrating the convergence of cross border payments with national domestic real-time payments through SCB EASY. We are thrilled to continue our partnership with SCB in bringing this new functionality to the bank’s customers to enable instant, reliable, and low-cost payments. Outward Remittance Service via SCB EASY aims to improve cross-border payments and expand its USD, GBP, EUR, and SGD remittance service across twelve countries, including the United Kingdom, USA, Singapore, France, Germany, Italy, Spain, Netherlands, Ireland, Austria, Belgium, and Portugal.”
“Outward Remittance Service via SCB EASY” powered by RippleNet will provide convenience for customers to transfer money via SCB EASY anywhere and anytime, making it easier than ever as customers do not need to register for the service or attach transfer evidence. Every transaction includes an e-slip which is automatically saved on users’ phones. Customers can use the e-slip as proof of transactions and send to a beneficiary via social platforms. This new service is faster, with real-time money transfer to beneficiaries in a few seconds to within three working days depending on the beneficiary bank; and provides more value for money, with beneficiaries receiving full transferred amounts without any deduction and at competitive exchange rates. As an introduction of this service to customers, SCB is offering a ‘Zero fee’ offer in partnership with Ripple for all transactions from today to 30th June 2020. We expect to see a shift in customer behavior leading to an increase in the number of transactions to 80,000, or the total transferred amount of THB 11 billion by 2020.” Mr. Ittiphan added.
In addition, SCB, is among a growing number of financial institutions worldwide who are using RippleNet to enable instant, reliable and low-cost international payments for their customers, has also partnered with other startups around the world to provide money transfer services to Thailand. With the same Ripple network that harnesses blockchain technology, payments can be instantly transferred from around the world through SCB to recipients using PromptPay, Thailand’s domestic payment network, at more than 24 Thai banks. Customers can easily, safely, and securely transfer money to their loved ones back in Thailand quickly at competitive rates. SCB strongly believes that cross-border payments will boost usage of its money transfer services.
9 steps for Outward Remittance Service via SCB EASY powered by Ripple Blockchain technology
1) Log in to SCB EASY and select “Banking Services”
2) Select “International transfer”
3) Select “Preferred account”
4) Select “Recipient Country”
5) Input transferred amount either in THB or Recipient currency. The system will automatically calculate exchange rate and select “Proceed”
6) Input bank details, beneficiary’s details and address and select “Review”
7) Review information and select “confirm” to make a transaction
8) System provides an e-slip for a proof of transaction
9) SCB will send out 2 notifications:
a. 1st notification: SCB is processing a transaction
b. 2nd notification: successfully transfer