Enterprise blockchain payment solution Ripple has cut a deal with Thai fintech company DeeMoney, who specialise in remittance payments, also known as cross-border payments. Deemoney is now processing live transactions, using Ripple’s global financial platform – a payments network which comprises more than 300 financial institutions worldwide. This allows the company to offer more efficient international money transfers at the lowest fees and best rates.
“Ripple is currently at the forefront of technology and compliance regulations. 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 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,” said Aswin Phlaphongphanich, CEO of DeeMoney. “We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”
“The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney,” said Marcus Treacher, SVP of Customer Success at Ripple.
DeeMoney is currently using RippleNet to process inbound payments into Thailand mainly from Thai expatriates, friends and family outside the country from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions. There are allegedly about aa million Thais working globally who are transferring money back home.
DeeMoney provides same-day settlement into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand. With RippleNet, the transfer process is more efficient for those sending money from the growing number of financial institutions, and at the best possible rates.
For the second phase of implementation, DeeMoney will leverage RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts.