Siam Commercial Bank (SCB), Thailand's largest bank, in partnership with Ripple, has developed a mobile blockchain application for instant cross-border payments.

According to a Ripple blog post, the SCB Easy app was introduced in December during the annual Ripple Swell event. During the demo of the application, SCB Senior Vice President of Commercial Banking Arthit Sriumporn sent a payment to the beneficiary's bank account in just 40 seconds

“Today, it is still difficult to send and receive money. People should go to the bank branch, fill out long and complex forms and wait for payments to be received. Moreover, there is almost no transparency. Thanks to our service, people will be able to receive funds from abroad and send payments to other countries almost instantly, ”said Sriumporn.

SCB plans to launch its cross-border translation services in Cambodia, Laos, Myanmar and Vietnam. In addition, SCB and Ripple are working together on EMVCo, a cross-border QR payment application that is popular across Asia. The implementation of this application will enable SCB to offer customers micropayment services in addition to money transfers.

Back in May, SCB announced that it would use Ripple technology to make cross-border payments.

Another Thai Bank, Ayudhya PCL, successfully completed a cross-border transaction to a Singapore bank using blockchain technology.

Ripple co-founder and CEO Chris Larsen said that XRP tokens can reduce the cost of global payments.