SBI Remit and Ripple: Partnership to Enable Instant Payments Between Japan and Thailand

To Enable Instant Payments Between Japan and Thailand

Ripple offers financial solutions for small, medium-sized and large companies to handle cross-border payments cheaply, quickly and efficiently. The latest partnership between SBI Remit and Ripple aims to greatly optimize payments between Japan and Thailand.

SBI Remit, Japan’s largest money transfer provider, is partnering with Siam Commercial Bank (SCB) to make real-time payments between Japan and Thailand. The companies rely on Ripple’s software solution xCurrent, to enable immediate payments on very favorable terms.

The cooperation allows more than 47,000 Thai nationals living in Japan to send the money to their families quickly and cheaply. Bank SCB customers can use ATMs to send money immediately to the SCB recipient account in Thailand. The transfer takes only a few seconds and the recipient can immediately withdraw the money in Thai Baht.

For this service, it has so far been necessary to contact a bank agent who helped with the settlement of the transaction. This will pave a way to the new era of work without human intervention. The video shows how the use of Ripple’s technology works in practice for the customers.

SBI has already invested in Ripple in 2016. Mr. Nobuo Ando, deputy director of SBI Remit, states that it is Ripple’s responsibility to seek innovative solutions to improve the current financial system.

“It is our duty to continually seek superior technological solutions to provide our clients with better and better transfer services. With the steady increase in remittance flows, we see that Ripple is helping us unlock new revenue opportunities for our business and better serve our customers overall.”

Ripple has released two different software solutions, xRapid and xCurrent. The technology used in this collaboration is xCurrent, which does not use the native Ripple XRP token to process payments.

The price of Ripple has a strong setback of 14.37 percent to a price of 0.30 euros. With a market capitalization of just under 11.87 billion euros, ripple ranks # 3 in the largest cryptocurrencies worldwide.

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