Ripple Targets Correspondent Banks in Southeast Asia
The firm recently added Siam Commercial Bank to the network, allowing the bank to act as a clearing provider, and receive and forward on payments.
Real-time gross settlement system, currency exchange, and remittance network provider Ripple sees growth opportunities in Southeast Asia, driven mainly by the challenges in correspondent banking processes within the region.
Marcus Treacher, senior vice president of customer success at Ripple, believes cross-border payments today are “broken” as banks are still using “archaic” correspondent banking systems that result in transactions that are slow, unreliable and expensive.
“Currently, to
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