EU Money Transfer Service Azimo And SCB Use XRP’s Technology

The EU money transfer service Azimo, partnered with the Thailand Siam Commercial Bank (SCB) in order to create a real-time remittance service by using Ripple’s payments technology. We are reading more about it in the following Ripple XRP price news.

According to the latest press release from Ripple itself, the new partnership with the EU money transfer service and SCB will reduce the typical average time for payments from Europe to Thailand to one minute rather than the previous one business day. Azimo’s co-founder and executive chairman Michael Kent explained that the partnership is a part of the bigger transformation that is happening in the cross-border payments industry:

 “More and more countries are going to instant payment. Thailand recently launched their instant payment network, and this partnership with the largest bank in the country allows us to get the time to settle payments down from around 24 hours to an average of 22 seconds.
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[It’s] faster to send money to Thailand than to someone else in Europe.”

Azimo initially partnered with Ripple back in February and said that they have more plans to use XRP to power cross-border payments. The partnership however between Azimo and Siam Commercial bank doesn’t seem to utilize the digital asset XRP. The Siam Commercial bank collaborating with Ripple in 2018, is using its technology to power the cross-border payments app called SCB Easy. The bank has not committed to using XRP for payments but to use Ripple’s payment messaging system which is designed to become a better alternative to Swift.

Azimo first partnered with Ripple in February and says it plans to use XRP to power cross-border payments. However, the partnership between Azimo and Siam Commercial Bank does not appear to utilize the digital asset. As per the XRP price, Ripple signals a few bearish signs below the $0.1980 price level against the US dollar and the XRP price is likely to start a strong decline if it breaks the support area. On the downside for the Ripple XRP price, there is initial support nearing the $0.1920 level so if Ripple fails to recover above this level and above the $0.1980, it could drop below $0.1920.