Coinone's payments subsidiary Coinone Transfer has relaunched its global payment and remittance app called Cross which uses Ripple's xCurrent product to facilitate cross-border payments. The new service is facilitating transfer of funds from South Korea to Thailand or the Philippines at a low cost.
With it, a customer can transfer up to 3,000,000 KRW per day and 20,000,000 KRW per year. The exchange rate change in real time. According to the website, the application, which offers faster and lower cost payments, may extend to Japan, Thailand, China, Vietnam, etc.
Coinone will be working with Siam Commercial Bank (SCB) in Thailand and a financial institution called Cebuana Lhuillier in the Philippines to get funds to customers. The users of the new application can also transfer funds directly to any recipient with a bank account in Thailand through the PromptPay application, which is powered by Mastercard.
South Korea saw $17 billion-worth of remittances into and out of the country in 2017. xCurrent allows institutions to do cross-border settlements with end-to-end tracking and banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles.
It does not use even XRP cryptocurrency like xRapid, which converts currencies on demand through XRP liquidity. However, it continues to attract more and more institutions that are using xCurrent including SBI Ripple Asia and PNC Bank.