London-based remittance service Azimo has teamed up with Thailand’s Siam Commercial Bank (SCB) to support instant fund transfers to SCB bank accounts in Thailand for European customers.
The new proposition leverages PromptPay that facilitates instant money transfers to bank accounts in Thailand with a real-time clearing and settlement infrastructure.
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SCB senior vice president of Wholesale Banking Platform Department Arthit Sriumporn said: “With the service available 24×7 and instant payment to any Thai bank account within minutes, Azimo customers are able to send money to their loved ones back in Thailand fast, cheaply and with certainty.”
The service also utilises blockchain-powered payment network RippleNet, which allows users to track funds and see if the recipient received the money timely.
Commenting on the service, Azimo CEO Richard Ambrose said: “Transfers can be set up in minutes from a smartphone. The fees are low and the rates are great, so our customers will be spared the extortionate charges levied by many competitors.”
World Bank data ranks Thailand as one of the top remittance destinations across the globe.
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By GlobalDataThe country receives $6.7bn from abroad on an annual basis, according to the data.
Azimo recently received €20m in debt finance from the European Investment Bank.
The money transfer firm intends to use the funds for accelerating the development of its automated payments platform and supporting its expansion.
