Coinone Transfer has officially released a blockchain-powered remittance mobile app and web service in South Korea called Cross. It utilizes Ripple’s xCurrent product to enable speedy cross-border payments.
Cross is envisioned to provide unbanked or underbanked individuals the capability to transfer funds from South Korea to Thailand or the Philippines with minimum costs.
Coinone partnered with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines to roll out the service. Users will also be able to transfer funds directly to anyone with a bank account in Thailand by using the PromptPay application powered by Mastercard.
Ripple saw the need for improved remittance services in South Korea. In 2017 alone, a $17 billion worth of remittances were recorded in and out of the country, with Thais and Filipinos making up two of the largest immigrant groups.
Other banks and financial service firms have started to use the platform in recent months. SBI Ripple Asia and PNC Bank utilize it as a solution for cross-border payments.