Ripple and XRP News
RippleNet Sets up the Finest Remittance Corridor for Thailand and Japan – Report
Sending money overseas had always been an effort-consuming job. This had led to a lot of challenges for the workers working away from the country who wants to send money home. One such instance is Thailand-Japan navigation.
The collaboration between SBI Remit and Siam Commercial Bank (SCB) has set up the finest cross-border payment service with RippleNet, a Ripple product. RippleNet provides an instant, affordable and transparent payment method to the users. The solution makes it easy to connect and transact across its robust network of banks and payment providers.
To make people more familiar with its working and how it could solve the challenges related to cross-border payments, Ripple is now sharing the stories of its customers who are enjoying the benefits of RippleNet. Recently, the official blog of Ripple shared a story of one of its users, Sarinya Sumniangngam in its insights.
Sarinya resides in rural Nothaburi province of Thailand whereas her daughter who runs a restaurant in Japan. Her earnings are used to cover family expenses and pay for her brother’s education which has to be sent on time. Any slip in sending the money might create a problem for the financial issues to her family in Thailand. Sarinya would have to run errands to the bank and complete various procedures to receive the money. This was both inconvenient and time-consuming in case of any emergencies.
The blog also shared a video in which Sarinya says;
“Before the app, I would have to go all the way to the bank by myself. And I’d have to fill in all this extra information on a form. It was a waste of time.” Further, she added, “Now whenever she send money, I receive it right away through SBI Remit. Now there’s no need to go all the way to the bank. It’s fast and convenient.”
RippleNet powered payment solution was a great blessing to Sarinya and several others who are family primary income is from their family members who work overseas. Now Sarinya’s daughter sends money through SBI Remit which links to Sarinya’s bank account.
The money that is deposited at SBI Remit in JPY can be withdrawn instantly in THB in Thailand. With its lower processing fees, the users can avoid the high charge and send a better amount of money to home.
For Sarinya and others who depend on the availability of the funds sent by their family members to meet their complete needs, time matters a lot. However, with its speed and secure transactions, RippleNet provides real-time payment options for the customers which have been a great solution to the problems associated with the cross-border transactions.
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