Categories: Altcoin News

Ripple Powering Up Japan’s Remittance via RippleNet, Making SBI Largest Money Transfer Provider


Ripple is providing instant, affordable and transparent remittance system in partnership with SBI making it the largest money transfer provider in the country with 10 billion JPY in monthly payment volume.


RippleNet offers instant, affordable & transparent payments

Ripple is slowly making its way all over the globe. Indian, China, Mexico and a number of other markets with huge and profitable remittance corridors are already targeted by Ripple. Japan has long been in Ripple’s list and now in its latest blog, “The Power of Instant Remittances: RippleNet in Japan”, Ripple is sharing what exactly it is doing in the country.

Having registered a record of 1.28 million foreigners working in Japan in 2017, it is a lucrative market. However, the obsolete international payments infrastructure used “can significantly inflate the time, hassle, and cost of sending this money for workers.”

Giving the example of 45,000 Thai workers living abroad in Japan, a single payment transfer for them can “require up to 12 extra hours of work just to afford the transfer fee” and take a number of trips to a bank. Moreover, the lack of info on when a payment arrives or the payments is finally delivered makes the situation difficult and costly for the workers.

Ripple is partnering up with banks to solve these issues only as put in its blog:


“A number of pioneering banks and providers are using RippleNet’s global payments network to give workers an instant, affordable and transparent way to send needed cash to their families. One example is the collaboration between SBI Remit and Siam Commercial Bank (SCB) that leverages RippleNet to power real-time remittance payments for those Thai workers living in Japan.”

With this partnership, Ripple explains, Thai workers can open an SBI Remit account online and link it to their home account at SCB. Now, by using SBI card, they can make deposits in real time by visiting an ATM.

Also, read: Ripple Beating Swift with Significantly High Speed & Minimal Cost

Ripple, SBI and the Japan banks consortium

RippleNet is further making this process smooth through its instant settlement capabilities as “money that is deposited in JPY at an ATM in Japan with SBI Remit is available to be withdrawn in THB in Thailand—mere seconds later.” Moreover, with its lower processing costs, workers can send home more of the money they earn.

The messenger API of RippleNet offers transparency by enabling SCB and SBI Remit to exchange info about the customers, rates, fees, and the delivery time. This means the workers and their families know about the costs and delivery time before even money is sent.

“Beyond customer benefits of speed, cost, and certainty, the banks can add new capabilities and lines of revenue while deepening customer loyalty.”

Ripple implementation by SBI has made the bank the largest money transfer provider in Japan with 10 billion JPY in cumulative monthly payment volume. Within 3 months, the implementation has been completed and now SBI is further expanding its work with Ripple by jointly launching Japanese Bank Consortium.

This consortium consists of 61-member banks and covers about 80% of the banking assets in Japan. It even unveiled MoneyTap, which is a first-of-its-kind mobile app powered by RippleNet that allows the member banks’ customers to settle domestic transactions instantly.

Meanwhile, another product of Ripple, digital currency XRP is enjoying gains of 4.28% at $0.269 along with the entire crypto market.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Anjali Tyagi

Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.

Recent Posts

Breaking: Bitcoin Mining Firm Cipher Set to Go Public at $2 Billion Valuation With SPAC Merger

Cipher Mining, a bitcoin mining subsidiary of mining hardware manufacturer Bitfury is all set to…

9 hours ago

Just-In: MicroStrategy Buys Additional $10 Million Worth of Bitcoin in Cash

MicroStrategy has bought $10 million worth of additional Bitcoin today at $48,888 per piece. The…

11 hours ago

NFT Google Search Volume Exceeds DeFi and Ethereum (ETH) As Celebrities Join the Craze

Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto…

15 hours ago

Reuters: SEC’s Lawsuit Didn’t Impact Ripple’s Business in Asia-Pacific Region

Brad Garlinghouse, the CEO of Ripple in a recent interview with Reuters had said that…

15 hours ago

Centra Tech Founder Sentenced to 8-years in Prison For $36M Crypto ICO Fraud

Sohrab “Sam” Sharma, the founder of defunct cryptocurrency firm Centra Tech was sentenced to 8-years…

16 hours ago

Coinbase Registers Second 12K Bitcoin (BTC) Outflow In A Week, U.S. Institutional Buyers Holding Strongly

In a broader cryptocurrency market correction, the Bitcoin (BTC) price has tanked 6% today slipping…

16 hours ago