According to reports, the partnership will make PTTEP’s cross-border payment seamless, cost-reduced, and achievable within minutes.
Ripple’s landmark in the payment industry is beginning to bring more and more collaborations and partnerships.
This is after the San Francisco-based blockchain startup partnered with the largest corporation in Thailand, PTT Exploration and Production (PTTEP). PTTEP, a petroleum exploration company, is partnering Ripple to make use of its payment infrastructure in cross-border remitting.
Details of the partnership
According to the PTTEP website, the firm and Siam Commercial Bank (SCB) (a Thailand based financial institution) already have some arrangements. The institution already deployed Ripple cross-border payment infrastructure, and it is collaborating to heighten their cross-border transactions for PTTEP.
Reports from the company explains that this is the first time Siam Bank will be using Ripple’s blockchain infrastructure.
The infrastructure has been deployed by big banks across the word, in B2B model. Siam Bank is a strong ally of Ripple firm. The bank is the first to make use of Ripple’s Multi-hop tool to settle payment for other financial institutions on the RippleNet.
Multi-hop eliminates the bottlenecks emanating from one-to-one settlements among financial firms using RippleNet. Siam Bank while using the multi-hop infrastructure, will be able to forward and receive payments without a one-to-one link between the beneficiary and originator institutions.
Advantages of the partnership
According to PTTEP CEO, Khun Somporn Wongwuttipornchai, the partnership is the pacesetter of cooporations within financial institutions. The partnership will make PTTEP’s cross-border payment seamless, cost-reduced, and achievable within few minutes.
Big-sized firms looking at maintaining business competitiveness can stand above others by making use of Ripple’s blockchain technology.
This is the same thing PTTEP aims to achieve with this partnership.
Presently, Siam Bank and Ripple are going to be automating PTTEP’s payments to its clients across Southeast Asia.