Ripple is the first startup using Blockchain technology in which SCB made investment.
Many of you may ask who Ripple is and why we study, test and try their technology. Let’s find out the answers together.
Ripple is a Fintech startup headquartered in San Francisco and operates in big cities around the world, including New York, London, Sydney and Luxembourg.
Ripple’s goal is to reduce cost in money transfer and increase transaction speed. The company uses Blockchain technology in developing innovative realtime international money transfer process for banks and financial institutions worldwide.
Imagine how complicated international money transfer is. It takes some time before the receiver can withdraw and spend the money because the money has to go through many steps, from the bank of origin to the bank of destination. Consumers are subjected to high service fee because banks have high costs.
Ripple has changed the entire process. It offers a back-end solution linking banks systems to its own system to facilitate inter-bank money transfer across the border. This cut down significantly a number of intermediaries. Once steps are cut, bank of origin and bank of destination can directly connect to one another with assistance of Blockchain technology. The result is that the money transfer process is shortened from days down to seconds.
Let's wrap it up with this 3 minutes video
In addition to SCB, Ripple has been trusted by leading banks and companies as well as world’s leading investors, including Andreessen Horowitz, Google Venture, IDG Capital and Accenture, to handle their international money transfer.
Today, many banks worldwide have connected their systems with Ripple, including Standard Chartered, Mizuho Financial Group (MHFG), Bank of America Merrill Lynch, UBS and Shanghai Huarui Bank.
Now, the good news for consumers. Soon, consumers will enjoy a new enhanced experience of better, faster, safer and more economical international money transfer. This is only one example of the benefits Blockchain technology has brought to us and made our life easier.
To get to know more about Ripple, click https://ripple.com