SBI, Hamamatsu Iwata Bank pick Ripple’s tech for international remittance

The evolution of the banking system has already begun. With the rise in demand for real-time, low-cost cross-border payments, integration of the traditional banking landscape with blockchain firms like Ripple makes even more sense. 

Japan’s SBI has been a well-reputed, long-standing partner of Ripple since 2016. SBI Remit, a subsidiary of banking giant SBI, recently brought to light its collaboration with a major Japanese bank – Hamamatsu Iwata. This partnership aims to build a RippleNet based international remittance platform.  

SBI’s press release underlined that the number of workers traveling to Japan from other countries has been significantly rising lately. Hence, to cater to the international remittance needs of these workers, the partnership was finalized. The official statement noted, 

“Our mission is to provide financial services centred on remittances to foreign residents, and we use Ripple’s distributed ledger technology, which is characterized by speed of deposit and low fees.”

Hamamatsu Iwata Credit Bank already runs an international remittance platform, and now, with this latest partnership, SBI Remit will help the bank expand its overseas markets. SBI Remit, for that matter, already uses Ripple’s remittance network RippleNet to facilitate fast and low-cost transactions from its end. 

Notably, the Asian-Pacific region is gradually becoming the blockchain company’s geographical forte.  The popularity of Ripple’s ODL has made it one of the most trustworthy choices in the international fund transfer space. 

Companies like InstaReM in the UK and BeeTech in Brazil have already successfully formed ODL bridges across the Atlantic Ocean using RippleNet. What’s more, Lynx Global and Finfan also revealed their new Ripple-Net-based ODL corridor between Australia and Vietnam a couple of weeks back.