The end of 2017 is proving a lot beneficial for Ripple. This is because more and more banks and financial institutions are joining its payment platform for rapid processing of cross border transactions. RippleNet is the blockchain technology being used by Ripple, a famous payment platform for rapid cross border transactions. The ecosystem of the company is flourishing at a fast pace thereby leaving many top currencies and payment platforms far behind. The investors of Ripple XRP are enjoying the increasing value and demand of the crypto currency within short spans of time. To their joy, another bank in South East Asia has joined Ripple for processing its cross border transactions.
The individual consumers and businesses are demanding fast transactions. Therefore, Krungsri bank has also decided to join Ripple’s blockchain technology for offering better services to its consumers. Krungsri is one of the leading banks of Thailand which is also called Bank of Ayudhya (PCL). The bank has joined RippleNet for processing payments to its partner, a South East Asian Petrochemical Company. This is for the first time that a bank or financial institution in Thailand is using enterprise blockchain network for completion of its cross border transactions.
Here, it is pertinent to mention that collaboration between Krungsri and Petrochemical Company was established long ago. But now, the customers were dissatisfied with the slower speed of transactions. Whenever the company tried to send payments to its business partners, it took many days to complete. Also, both the sender and the receiver remained completely unknown of the status of the transaction in process. The customers of the Petrochemical Company were a lot worried about this. Now, there was a possibility that the company would lose its customers if it continued to follow the same old payment method. The President and Chief Executive of the bank say that they have decided to use RippleNet for processing of payments between the Petrochemical Company and its longstanding customers.
By joining the RippleNet technology, Krungsri are not only able to process the payments faster but also are able to see the status of the transactions. Similarly, the customers are now able to trace the payment and get a hint of when the payment would reach their accounts. The transactions, nowadays, are completing within seconds that used to take 2-3 business days in the old system. The financial experts of Thailand are hopeful that this adoption of RippleNet would drive the businesses in the country at a much faster pace.
This is because the success of the petrochemical company and increasing satisfaction of its customers would prove beneficial for Krungsri bank. And, the bank seems determined to gain benefits from this latest blockchain technology by Ripple.
Here, it is important to mention that Krungsri bank is also a subsidiary of Mitsubishi Financial Group. The Mitsubishi Group is one of the largest groups in Japan. It has more than 2000 branches in almost 50 countries across the world. Now, Krungsri is in a position to provide the instant global payments to company’s customers. The executives of the bank are of the view that other businesses can also avail greater benefits by adopting RippleNet as a payment platform for their global customers.