XRP News: SBI Ripple Explores XRPL for Cross-Border Payments in Strategic Research

SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, is launching a strategic research project with DSRV Labs, which will focus on the use of blockchain in the remittance and payment sectors. As part of the research, both firms will explore using the XRP Ledger (XRPL) for cross-border payments between the Japanese and Korean markets.

SBI Ripple Considers Using XRP Ledger For Cross-Border Payments

In a press release, SBI Ripple Asia and DSRV Labs announced that they are considering adopting the XRP Ledger as the blockchain infrastructure in their joint research. Both firms are researching the feasibility of using blockchain-based services in the remittance and payment sectors, with the focus on the Japanese and Korean markets.

As part of the research, they noted that they will consider the relationship with existing remittance infrastructure and also the possibility of utilizing blockchain from the perspectives of systems, operations, and technology. This move follows the launch of a Permissioned DEX on the XRP Ledger, which could aid the use of the network for global remittances.

Notably, the feature enables institutions to trade and participate on the network in a regulated and compliant environment. These institutions will be able to implement key AML and KYC controls to ensure they trade only with trusted participants.

Meanwhile, SBI Ripple and DSRV further mentioned that the purpose of the joint research is to clarify how financial services that use blockchain technology can connect to existing remittance and payment infrastructure. They will take into account the respective systems and business environments of Japan and Korea and consider the future feasibility of its use.

A Move To Gather Information And Apply It To Future Innovations

The firms noted that the research is aimed at organizing and examining information with an eye toward future applications. As such, they will examine the potential use of the XRP Ledger, which they noted is increasingly used worldwide in the financial sector, both in remittances and payments.

As for the future outlook, SBI Ripple Asia plans to apply the research findings to implement blockchain technology in the remittance and payment sectors in the Japanese and Korean markets. Furthermore, they plan to develop sustainable businesses, focusing on a realistic financial service. As CoinGape reported, Ripple’s partner, SBI Holdings, recently announced plans to issue tokenized bonds that will pay investors in XRP.

Meanwhile, DSRV plans to use the joint research to expand collaboration with global financial and payment businesses and strengthen its role as a blockchain infrastructure company. The firm added that it will focus on building an international remittance infrastructure that connects stablecoin businesses in various countries, including Korea. DSRV will also look to promote the practical application of blockchain in the financial and public sectors.