• SCB and PTTEP have successfully carried out a blockchain-powered B2B cross-border payment
• SCB says it plans to expand the payments service to other southeast Asian nations
• PTTEX and SCB have pledged to use blockchain technology for other financial transactions

Siam Commercial Bank (SCB), Thailand’s largest commercial bank, has successfully facilitated a superfast and cost-efficient Business-to-Business cross-border payment in collaboration with the country’s national petroleum and exploration company  PTTEP, according to an SCB press release on April 24.

SCB saving time and money with blockchain

As stated in its press release, Siam Commercial Bank (SCB) has been working with the PTTEP on a blockchain-based B2B cross-border payment since 2018 and the initiative has finally yielded the desired result.

According to the team, with blockchain technology, the project was able to facilitate cross-border payments that got to its destination within just one minute, a significant milestone as compared to the several days it takes conventional methods to complete such a transaction.

Making life easier for corporate customers

Commenting on the success of the project, Siam Commercial Bank SEVP & Chief Wholesale Banking Officer, Wasin Saiyawan stated that the success of the B2B cross-border blockchain project represents a huge milestone in the bank’s journey towards offering its corporate clients more efficient international payment services. In his words:

“The achievement reflects SCB’s commitment to harness the use of new technologies and innovations to transform business in the digital era. We are now ready to take the success of this service forward to set a new norm for the industry, enabling our customers to enjoy efficient and speedy payments service.”

Saiyawan also hinted that the new DLT-based cross-border payments service will be expanded to other CLMV as well as Southeast Asian nations later this year.

Also commenting on the matter, PTTEX Finance and Accounting Group Executive Vice President, Sumrid Sumneing said that the firm will keep working with SCB in order to optimize its digital competitiveness and productivity with blockchain technology.

Although both firms failed to state the exact blockchain network used in conducting the cross-border transaction, it’s however very likely that Ripple’s cutting-edge technology made the project possible, since SCB first tested RippleNet’s Multi-hop cross-border payments feature in September 2018.

In related news, earlier in March 2019, Blockchain Reporter informed that 13 leading Japanese banks had invested in Ripple’s MoneyTap App.