Tag: Cross-Border Payments

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Crypto Finance News

Central Bank Of Thailand Plans Adopting Blockchain Technology For Cross-Border Payments

The push for the adoption of Blockchain technology in Thailand’s banking sector appears to be unstoppable. The Governor of the Bank of Thailand (BoT), Dr. Veerathai Santiprabhob, at the ASEN Bloomberg Business Summit, disclosed that the Central Bank was carrying out a thorough examination of blockchain applications for authentication of documents, financing of the supply chain, and cross-border payments.

“The Sandbox serves as a platform for FinTech financial institutions and firms to test new technologies and operating standards in a secure environment before products and services are released to the general public,” said Santiprabhob.

The Governor of the Bank of Thailand also asserted that there is a secure attachment on the part of the Central Bank to the region’s connectivity with the world. The Bank considers the use of Blockchain for cross-border payments as a way of enhancing the financial sector in Thailand.

Central Bank of Thailand has the goal to adopt blockchain technology for cross-border payments and back-office activities

Earlier this July, Santiprabhob announced that he was collaborating with the country’s banking sector under Thailand’s Blockchain Community Initiative to harness blockchain technology in the financial system. This effort gathered 14 commercial banks, as well as seven state and private enterprises.

The governor of the BoT also considers that Blockchain has an essential role to play in mitigating fraudulent activity and safeguarding financial information.

“The adoption of modern technologies such as biometrics and Blockchain can help safeguard financial information and reduce the number and scale of fraudulent activity,” said Santiprabhob.

“The Bank of Thailand is also undertaking regulatory reform to review obsolete rules and regulations, to facilitate trade and to ensure that our regulations do not impede competition and innovation and also contribute to the high costs of financial services,” the Governor added during the ASEN Bloomberg Business Summit.

Ultimately, the Central Bank of Thailand’s purpose would be to use blockchain technology for cross-border payments and back-office activities.

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Crypto News

Ripple (XRP) xRapid Platform Was Successfully Tested By The UK Currencies Direct Forex Broker And Remittances Service

Currencies Direct, a European Forex broker and remittances service, has reported the completion of a very successful test for Ripple (XRP) xRapid platform and described the XRP cryptocurrency as a “game changer”.

Just to be clear, Ripple’s xRapid is the platform that uses Ripple (XRP) cryptocurrencies for its operations, while the other major platform, xCurrent, is employing the use of Ripple network to handle instantaneous and safe cross-border payments.

It might look like xRapid is not used by many banks and financial institutions but, in reality, it is tested by some big names in the financial industry and is even up and running for others. The best example is the successful implementation of the Ripple (XRP) xRapid system within the US-Mexico cross-border payments.

This is the very first time a European remittances service has ever tested the Ripple (XRP) xRapid platform

Currencies Direct, a company which was the #1 money transfer service in Europe in 1996, traded approximately 4.5 billion GBP (about $6 billion) in Forex in the past year and is, thus, a quite big player in this sector on the European market.

The Currencies Direct xRapid trial was performed with a number of cross-border payments across a selection of institutions. Each of these transactions was conducted via the xRapid platform and was completed in a matter of seconds instead of the usual 3 to 5 days which characterizes the international remittances.

How does Ripple (XRP) xRapid work?

To put it in a simple manner, xRapid employes Ripple (XRP) use as an exchange currency to diminish the fees related to Forex, while, at the same time, the network handles the transaction in XRP almost instantaneous.

Ripple explains is as such:

A payment journey with xRapid looks like this: a financial institution connects directly to digital asset exchanges in both the originating and destination corridors. The originating currency is exchanged into XRP which provides the necessary liquidity to power the final payment, and then in seconds that XRP is exchanged into the destination currency in the second digital asset exchange.

Also, as xRapid directly employes the use of Ripple (XRP) cryptocurrency, the more remittances services such as Currencies Direct accepts xRapid, the more the value of Ripple (XRP) will increase, as the applicability and the acceptance of this crypto will increase.

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Crypto Markets

Noah Cross-Border Payment Platform Based On Its Own Noah Coin (NOAH) Invests In Japanese Stock Market

Noah is a cross-border payment platform that started its operations in 2016 with the goal of developing an easy-to-use system for managing payments, mobile payments, discounts and business services using blockchain technology and cryptocurrency. By implementing this technology, the business is able to provide its users with a faster and cheaper method of conducting transactions in comparison with the traditional solutions.

In late April, Noah bought 15% of the shareholdings of Beat Holdings Limited, which was originally known as Xinhua Holdings Limited. The corporation is traded on the Second Section of the Tokyo Stock Exchange and is based in Hong Kong, but operates regionally in Malaysia, Singapore, Indonesia, and Japan.

The Noah Project intends to deepen the deployment of its own new products and technologies and decided to invest more in the Japanese stock market.

Noah cross-border payment platform is backed up by Noah Coin (NOAH)

For its functioning, Noah relies on its own cryptocurrency, the Noah Coin (NOAH). This token will be useful for the execution of various investments linked to residential real estate projects and programs of ecological agriculture, which will use crypto assets to trade and exchange. Furthermore, its clients will be allowed to enjoy the improved ecosystem of Noah, which permits the operation of cryptocurrencies on its platform.

Noah will permit its members to be involved in all the platform’s projects and other unique endeavors, all managed by the Noah Foundation. The program has gathered over $110 million in private fundraising sessions while working to advance its cross-border payment and remittance system through Noah Coin (NOAH).

Besides this, the Noah devs also work on the construction of its proprietary portfolio of cryptocurrencies, specially tailored to be exploited by Noah ecosystem’s members. This is a major component since it will empower consumers to stock, transact, and exchange Noah Coin (NOAH) cryptocurrency.

Noah Coin (NOAH) cryptocurrency is available for purchase at the HitBTC Exchange or via the Changelly crypto exchange platform. At the moment of this article, NOAH is trading at $0.006.

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Crypto

Ripple (XRP): xRapid Reduced Fees By 70% In Cross-Border Payments Between The US And Mexico

This May 10th, Ripple (XRP) team issued an official statement showing the results of its pilot program for international transfers and payments, called xRapid. According to Ripple, payments between financial institutions that were made between the United States and Mexico and that used xRapid reduced fees by 40% to 70%.

They also explain that the payments that used xRapid took on average about 2 minutes to materialize, which is a huge reduction considering that cross-border payments today take about 3 days, on average.

They also explain that the portion of the time it takes for Ripple blockchain transfers is only 2 to 3 seconds and that the rest of the time it takes to complete the transfer is attributed to transactions involving cryptocurrency exchange houses and local payment methods involved in this process.

Ripple (XRP) xRapid cross-border payments platform shows a great reliability

In summary, xRapid works as follows. The financial institutions involved in the transaction are connected to cryptocurrency exchange houses, the currency in which the cross-border payments are made is initially converted into XRP, and in seconds it is received and converted into the local currency of the country of the financial institution which receives the payment.

In this way, Ripple explains that cross-border payments are made more efficient, faster, and at lower fees.

Creating more efficient solutions for payments and money transfers in today’s financial system is one of the goals that the Ripple team has focused on and hopes that Ripple (XRP) will be more and more accepted.

A few days ago, also, it was reported that Coinone Transfer, a subsidiary of the Coinone cryptocurrency exchange operator, will be using a Ripple (XRP) blockchain solution to offer its customers a new and better service with which they can send remittances throughout the Asian region faster and cheaper. Besides, different banks and big financial institutions have already adopted Ripple cross-border payments solutions, such as xRapid.

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