Cross-border payment in Thailand just got more interesting with the launch of DeeMoney, a Fintech company specialising in digital cross-border money transfers.
In a press statement, the company said it uses RippleNet to process inbound payments into Thailand between and remittance corridors from South Korea, Indonesia, Singapore, Israel as well as the Middle East and Gulf regions.
The company claims that by using RippleNet and its network of more than 300 financial institutions worldwide, the company is able to provide efficient international money transfers at the lowest fees and best rates.
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.
For the second phase of implementation, DeeMoney will leverage the RippleNet technology to facilitate outbound transfers from Thailand and to determine the best partner in destination countries for pay-outs.
Leveraging RippleNet helps the company to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers, said Aswin Phlaphongphanich, the CEO of DeeMoney.
DeeMoney joins a chorus of financial and non-financial institution looking to leverage Ripple’s blockchain infrastructure to lower cost for international cross-border payments.
The CIMB Group, SBI Remit and Nium (formerly InstaRem) all use RippleNet to process cross-border payments.
