Ripple offers financial solutions for small, medium and large companies to process cross-border payments quickly, efficiently and at low cost. The latest partnership between SBI Remit and Ripple aims to greatly optimize payment transactions between Japan and Thailand.
SBI Remit, Japan’s largest money transfer provider, works with Siam Commercial Bank (SCB) to make real-time payments between Japan and Thailand. The companies are relying on Ripple’s xCurrent software solution to enable immediate payments at very favorable conditions.
The cooperation enables more than 47,000 Thai citizens living in Japan to send money home quickly and cheaply. Bank SCB customers can use ATMs to send money immediately to the SCB recipient account in Thailand. The transfer only takes a few seconds and the recipient can withdraw the money immediately in Thai Baht.
For this service, it was previously necessary to contact a bank agent who helped with the transaction. This should work from now on without human intervention. The following video shows how Ripple’s technology is used in practice for customers.
SBI has already invested in Ripple in 2016. Mr. Nobuo Ando, deputy director of SBI Remit, explains that it is Ripple’s Pfllicht to look for innovative solutions to improve the current financial system (freely translated):
It is our duty to continuously search for superior technological solutions in order to offer our customers ever better transfer services. With the steady increase in remittance flows, we see Ripple helping us to tap new revenue potential for our business and better reach our customers overall.
Ripple has launched two different software solutions, xRapid and xCurrent. The technology used in this collaboration is xCurrent, which does not use Ripple, XRP’s native token to process payments.
Ripple’s share price fell sharply by 14.37 percent to a price of 0.30 euros. With a market capitalization of almost 11.87 billion euros, Ripple ranks third among the world’s largest crypto currencies.