Ripple and SCB

Ripple gives major push to Siam Commercial Bank, says CTO

The Ripple Swell 2018 saw the participation of many notable dignitaries starting from the former American President, Bill Clinton to Colin Dinn, the CTO and Head of Operations of Siam Commercial Bank (SCB). Dinn cited how Ripple has benefited the company for long-term starting from modern financial force to quick transactions. 

Taking this opportunity, Dinn commented that the implementation of Ripple’s platform in SCB has resulted in many profits for the company. The CTO also commented that this initiative has also helped the traditional bank to emerge as a modern financial force.

He further stated that the idea of collaboration with Ripple was to explore the various facilities included in the platform. They wanted to use the distributed ledger technology and advanced security provided by blockchain to ease financial transactions.

Adding to his comment, he also explained that SCB saw Ripple as a great platform to grow into its working potential. According to him, they have joined with Ripple so as to change the method of payments. Henceforth, easing out transaction related procedures for the users and enabling instant payments.

SCB’s motive is to make this initiative available to users all around the world. This will definitely revolutionise the banking sector globally. Not only the users will be able to make payments easily, but also, the whole transaction history will be transparent.

Both the companies have been in news recently. Ripple has announced earlier that the cryptocurrency company will be launching multi – hop payments for RippleNet. The feature will allow customers and banks to avoid the time taken for one – to – one connections. Additionally, this will help in maintaining uniformity of global liquidity.