DeeMoney offers blockchain cross-border payments with RippleNet
DeeMoney has become the first non-banking institution in Thailand to process live transactions through Ripple’s global financial payments network RippleNet, reports Jane Connolly.
Ripple is an enterprise blockchain solution for global payments, which connects more than 300 financial institutions around the world through RippleNet.
The fintech becomes Thailand’s first non-bank institution to use the solution.
DeeMoney is currently using the network to offer what it claims are faster, cheaper inbound payments, with same-day settlement into Thai bank accounts.
These payments are primarily between the prominent remittance corridors from Singapore, Indonesia, South Korea, Israel, the Middle East and Gulf regions.
Read more: How Ripple and Azimo are using XRP for remittances in the Philippines
Aswin Phlaphongphanich, CEO of DeeMoney, says the fintech is aiming to democratise finance in Thailand by partnering with Ripple.
He adds: “Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate it into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.”
A second implementation phase will see DeeMoney providing outbound transfers from Thailand via RippleNet, once it has determined the best payout partner in destination countries.
