Krungsri a Major Thai Bank now using RippleNet! First Industrial Use Case of Blockchain Technology?
December 19, 2017
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11:18Now PlayingKrungsri a Major Thai Bank now using RippleNet! First Industrial Use Case of Blockchain Technology?
YouTube Description
as posted by the channelKrungsri now uses Ripple’s enterprise blockchain network to help a large Southeast Asian petrochemical company, send realtime crossborder payments to its foreign customers a first for financial institutions in the Thai region. By using RippleNet, Krungsri is not only able to provide a realtime crossborder payment flow for the petrochemical company, but also provide complete transparency into when the payment would be received. The collaboration between Krungsri and the large petrochemical company was born from a common pain point for most corporatesCustomers were dissatisfied with the lack of speed and visibility into crossborder payments. “The transactions were successfully completed within a few seconds versus at least one to three business days under the previous system. This reflects the innovative strength of Ripple’s technology that will drive the Thai business sector towards faster expansion,” Mr. Noriaki Goto, Krungsri President and Chief Executive Officer. I expect more partnerships and use cases like this are on the way. 2018 will be huge for Ripple and XRP will see an increase in value!
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