Recently it was reported that several large global banks have already successfully completed a cross-border payment pilot project by using Thai bank Krungsri’s (Bank of Ayudhya) Blockchain Interledger.
The recent pilot project, which was conducted in the Bank of Thailand’s (BOT) regulatory sandbox, was reportedly conducted by Japan’s Mitsubishi Group together with their banking unit MUFG Bank, and the Standard Chartered Singapore bank.
The key function to be tested within the pilot project was the money transfer from a Thailand-based Mitsubishi Group subsidiary to the Standard Chartered account of a Singapore-based Mitsubishi Group Subsidiary. The aim of the test was to perform the transaction in a period of just several seconds by using Kungsri’s Interledger technology.
As confirmed the pilot project was successful and the parties are currently considering further development of the system. Representatives of the involved parties have expressed positive opinions about the pilot test project as well as highlighted the huge potential of the new technology to become a powerful and useful tool in improving the entire process of making payments in terms of efficiency and flexibility.
Head of the Krungsri Consumer Group and the Digital Banking and Innovation Division, Thakorn Piyapan expressed a personal positive opinion about the recent successful pilot project stating that the new technology-based transaction gives the opportunity to enhance their subsidiaries’ financial liquidity adding a great deal of flexibility and efficiency for them.
Krungsri is reported to currently be Thailand’s 5th largest bank in terms of total assets.
MUFG Bank earlier announced about partnering with major U.S.-based cloud delivery platform, Akamai Technologies. The new partnership aims at releasing a blockchain-based global payment network. It was also reported that the bank’s own cryptocurrency which is currently under development, will be tested by 2019.