Ripple is showing how a partnership between SBI Remit and Siam Commercial Bank is allowing people overseas in Japan to make international payments. SBI and SBC are both using Ripple’s blockchain solution xCurrent to power payments in real-time between Japan and Thailand, based on a report from Ripple:
“This makes it possible for 47,000 Thai nationals living in Japan to send money home faster. SBI Remit’s customers can use ATMs to instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in THB within seconds. Before offering this service, recipients were required to retrieve cash through an agent.”
Ripple also released a new video that demonstrates how SBI and SBC’s partnership along with Ripple’s technology can help customers make payments in actual real-world usage:
This technology doesn’t include Ripple’s liquidity service, xRapid. It’s an exclusive partnership with xCurrent, which is used for instant real-time payments internationally. xCurrent is used for on-demand liquidity powered by XRP. Ripple and SBI partnered up back in 2016. SBI Remit’s representative director Nobuo Ando states that the company is looking at all possible methods it can utilize xCurrent to improve remittances using Ripple’s own current blockchain technology.
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