The largest bank in Thailand, Siam Commercial, is now supporting Ripple transfers, according to their recent tweet. Is this the much-awaited mass adoption for Ripple?
How can a bank use Ripple for fiat transfers?
The banks and payment providers can join RippleNet, a service provided by Ripple, allowing them fast global money transfers through the blockchain technology.
SCB has launched the service before being officially announced, therefore they apologized:
“The information about ripple transfer will be announced soon, we are sorry for the inconvenience. We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
I’d also like to mention that SCB made an announcement on the 22nd of May, but with no details regarding launching the date:
“Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment. Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions.”
The Ripple network is currently being used by more than 200 banks and payments providers on a global scale.
The banks are here to stay for the long term, and they will slowly move all their operations on-chain in the future. How long will it take? Nobody knows, but I am sure of it; fiat is dying. No transfer fees and fast transactions are the future of money.