Krungsri and IRPC announce ‘real-time’ cross-border funds transfer service

Noriaki Goto, Krungsri president and chief executive officer said: "Krungsri is the first bank in Thailand offering the real-time cross-border funds-transfer service for the business sector through Krungsri Blockchain's Interledger. 
“We have gained trust from IRPC, our long-time major business partner, to deploy Krungsri Blockchain's Interledger for money transfers between IRPC and its overseas trading partners.
“The transactions are successfully completed within a few seconds versus at least one to three business days under the previous system. This reflects the innovative strength of Krungsri Blockchain's Interledger technology that will drive the Thai business sector towards faster expansion."
The successful money transfers via Krungsri Blockchain's Interledger were achieved in the past week to serve the international petrochemical business between IRPC and its business partner, Bouasavanh Power Sole.
"The breakthrough marked a significant change in the financial landscape,” Noriaki said. “It will be a catalyst to utilise financial innovations in delivering the cross-border funds transfer service to other business partners. 
“Krungsri can reap benefits from extensive global networks of Mitsubishi UFJ Financial Group, Japan's largest financial group and one of the world's five largest financial institutions, with more than 2,000 branches in over 50 countries, to ensure Krungsri's excellent provision of the real-time international funds transfer service to serve corporate customers' needs and increase their competitive advantage."
Sukrit Surabotsopon, president of IRPC, said: "In a bid to meet business demand efficiently, IRPC has deployed the digital innovation in cross border funds transfers based on Krungsri Blockchain's Interledger technology. This breakthrough will lead to an international business transformation. 
“The faster process of international funds transfers has helped increase our competitive edge in the business arena, support our business growth potential and enhance the logistics and shipping management in a faster and more systematic manner.
"More importantly, the faster process in international money transfers has helped our customer, which is leading oil trader in Lao PDR, Bouasavanh Power Sole Co Ltd, to better manage risk of foreign exchange volatility while improving their cost management, speeding up deliveries and increasing business advantages.
"IRPC is also conducting a feasibility study of the IRPC 4.0 project, in which we aim to use digital innovations to increase the efficiencies of the overall organisation for faster business processes including production, marketing and procurement. The project is expected to be implemented in 2018, as part of the strategy to drive our business in tandem with the Thailand 4.0 development plan.”