We are now working on making it possible to perform direct deposits to your Kbank Thailand bank account and later other banks within Thailand as well in as little as 30 seconds 24 hours a day 7 days a week, from Funtracker.site THB assets contained in any stellar.org wallet that supports federation and multi assets.

To begin with we will limit the amount you can transfer as we don't as yet have KYC built into our stellar.org federation system. But it will be possible to move as much as 2000 THB with direct deposits from your stellar THB asset to any already existing Kbank account within 30 seconds of sending the transaction on the stellar.org network. The added fee will only be about 12 baht per transaction (about 0.30USD) and maybe even less.

The software we are developing for this will also make it possible for most any of our franchise sites with other assets currencies to do the same in local banks all over the world.

The transactions setup will simply be pointing at a kbank account in federation like scott_carlson_56234566*funtracker.site. The asset sent must be THB and the account with the name and account number at Kbank must exist. If the account fails to be found or the funds fail to be deposited into the account for any reason the funds would be returned to sender. On the receive side the Kbank transaction will note what stellar.org account sent the funds in the deposit that can be seen online by logging into your Kbank account from: https://www.kasikornbank.com and viewing your account history 30 seconds after the stellar.org transaction is sent.

Later when we get integrated KYC (Know Your Customer) built into federation it should make it possible to move larger amounts of money from most any point on the planet direct to another affiliated branch direct to a fiat bank on the other side just as easy as sending XLM from one person to another.

Even before KYC is fully integrated into stellar.org federation we will be able to collect needed info from want a be transaction customers into the funtracker.site database to pre-link KYC with stellar.org account publicID numbers. To do this customers will have to visit https://chat.funtracker.site/channel/bank and chat with a bank manager that will collect and save the needed information.

If anyone would like to be involved in the pilot testing of transactions through the system please contact sacarlson on slack or at https://chat.funtracker.site/channel/bank. You must already have a Kbank account to participate in the pilot testing project.

We are also working on a method to automate moving funds directly from your Kbank account directly to any stellar.org account but this is a completely different project that we will explain later in another article.