Thailand’s Bank of Ayudhya pilots cross-border transaction using Interledger blockchain
Thailand-based Bank of Ayudhya (Krungsri) has completed a pilot test for the real-time international remittance using its own blockchain technology.
The pilot involved international remittance from Thailand to Singapore and used Krungsri Blockchain Interledger. It was conducted in joint effort with MUFG Bank, Mitsubishi Corporation (MC), and Standard Chartered Bank Singapore. It was under the Bank of Thailand’s Regulatory Sandbox guidelines.
Last year, Krungsri became the first bank in Thailand to offer real-time international funds transfer based on blockchain’s Interledger for corporate customers. The first transaction deployed the technology for the money transfer between IRPC and its overseas trading partners.
In the pilot test, MC’s Thai subsidiary sent money from its Krungsri account to Standard Chartered account of the Singapore-based MC subsidiary via the Krungsri Blockchain Interledger technology. The transaction was completed in a matter of seconds.
Krungsri said that the innovation has helped MC further improve its liquidity management efficiency and reduce their cost management.
“Krungsri once again achieves a success in the realtime cross-border funds transfer service based on Krungsri Blockchain Interledger. This time we have gained trust from Japan-based Mitsubishi Corporation (MC), one of Fortune Global 500 companies,” Thakorn Piyapan, Krungsri Head of Krungsri Consumer Group and Head of Digital Banking and Innovation Division said.
The project partners recently announced a pilot test for moving real funds over RippleNet – Ripple’s enterprise blockchain network.