Ripple Making SBI the Largest Money Transfer Provider in Japan by Facilitating Remittance Through RippleNet
Ripple is making SBI the largest money transfer provider in the country by partnering up with them in providing affordable, instant, and transparent remittance system with 10 billion JPY in monthly payment volume.
Ripple is gradually establishing its presence all over the world. It is already targeting China, India, Mexico and various other markets with large and profitable remittance corridors.
They have made a record by registering around 1.28 million foreigners working in Japan in 2017. As per their spokesperson, the international payments infrastructure has become obsolete and involves excessive time and cost of sending the money.
"1.28 million foreigners working in Japan in 2017"
There are about 45,000 Thai workers living abroad in Japan. They may require to take a number of trips to a bank for doing a single payment transfer. Moreover, it may need up to 12 extra hours of work only for affording the transfer fee. Additionally, the absence of proper information about the time of arrival or delivery of a payment makes the situation more difficult and costly for the workers. Ripple is partnering up with various banks for solving these issues. With this partnership, Thai workers will be able to open up an online SBI Remit account and link it to their home account at SCB. Now, by using SBI card at any ATM, they will be able to make deposits in real time.
RippleNet's messenger API offers clarity by enabling SCB and SBI Remit to interchange information related to fees, customers, and the delivery time. This enables the workers and their families to know about the delivery time and associated cost even before money is sent.
"RippleNet's messenger API offers clarity by enabling SCB and SBI Remit to interchange information related to fees, customers, and the delivery time."
The implementation of Ripple by SBI has been completed within 3 months and it has made SBI the largest money transfer provider in Japan with 10 billion JPY in cumulative monthly payment volume. SBI is further speeding up its work now with Ripple by jointly launching Japanese Bank Consortium.
There are 61-member banks making the consortium. It has about 80% of the banking assets in Japan under its umbrella. Meanwhile, another product of Ripple, digital currency XRP is enjoying gains of 5.86% at $0.27 along with the entire crypto market, at the time of reporting.