Siam Commercial Bank (SCB) has officially become the first company to adopt the latest technology of ripple effect dubbed as multi-hop. This advanced technology facilitates companies that are already using Ripple’s blockchain to settle payments on behalf of other firms. This new feature is exclusively for banks and financial institutions with an objective to provide an aid to smaller finance based institutions in order to enhance liquidity within low charged fees.
According to Ripple, it is stated that Siam Commercial Bank (SCB) will not be able to settle frictionless payments for other financial institutions on the network. Evidently, this eliminates the need of bilateral relationship between two parties for settling the payment. SCB will now be able to forward and receive a payment without any direct connection between the originator and beneficiary participant.
The incompetent management of international liquidity has been one of the long struggles for cross-border payments across the world. However, this has been a major concern for the Association of South Eastern Asian Nations (ASEAN) region due to a high rate of correspondent banking.
The ripple effect of multi-hop is likely to resolve the issues of operational efficiency and applicable charge fees.
Ripple Swell 2018, XRP’s Market Performance
Ripple is gearing up for its upcoming yearly crypto conference which will be held at San Francisco, United States. The event will begin from Monday at 11:00 a.m. PST with the keynote speech of former United States President Bill Clinton followed by Ripple CEO Brad Garlinghouse. (Via Daily hodl)
Cryptocurrency XRP continues to battle with both Bitcoin and Ethereum in the trade market. For a very short time, XRP gained a lead over Ethereum however, it was replaced shortly going back to its original position with Ethereum once again going back to the second position on the market charts. (News BTC)
Click here to find out the entire programme schedule of Ripple Swell 2018 here.
Stay tuned to find more interesting updates on ripple effect and XRP.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]