Ripple provides an instant, accessible and transparent remittance system in collaboration with SBI, making it the largest provider of money transfers in the country with 10 billion yen in volume of monthly payment  Advertising
RippleNet offers immediate, accessible and transparent payments
Ripple is making its way slowly around the world. Indians, China, Mexico and a number of other markets with huge and lucrative remittance corridors are already targeted by Ripple. Japan has long been on the Ripple list and now in its latest blog, "The Power of Instant Remittances: RippleNet in Japan", Ripple shares what it does exactly in the country.
Having recorded a record of 1.28 million foreigners working in Japan in 2017, it is a lucrative market. However, the obsolete international payment infrastructure used "can significantly inflate time, problems and costs of sending this money to workers."
By giving the example of 45,000 Thai workers living abroad in Japan, a single payment for them can "require up to 12 hours of extra work just to allow the transfer" and take a number of trips in a bank. Furthermore, the lack of information about when a payment arrives or payments is delivered makes the situation difficult and costly for the workers.
Ripple is working with the banks to solve these problems only as put on his blog:
"Many leading banks and suppliers use RippleNet's global payments network to offer workers an immediate, economical way. and transparent to send money to their families, an example is the collaboration between SBI Remit and Siam Commercial Bank (SCB) which uses RippleNet to provide real-time remittance payments to Thai workers living in Japan. " With this partnership, Ripple explains, Thai workers can open an SBI Send the online account and link it to their home account on SCB. Now, using the SBI card, they can make deposits in real time by visiting an ATM.
In addition, read: Ripple Beating Swift with Significantly High Speed & Minimal Cost
Ripple, SBI and the Japan Bank Consortium
RippleNet is also making this process easier thanks to its instant settlement capabilities because "the money that is deposited in JPY at an ATM in Japan with SBI Remit is available to be picked up at THB in Thailand, a few seconds later." Moreover, with its lower processing costs, workers can send more money earned home.
RippleNet's messaging API provides transparency by enabling SCB and SBI Remit to exchange information on customers, rates, rates and delivery times. This means that workers and their families are aware of the costs and delivery times before even money is sent.
"In addition to benefits for speed, cost and certainty, banks can add new features and revenue lines while deepening customer loyalty."
The implementation of ripple by of SBI has made the bank the largest money transfer provider in Japan with 10 billion yen in volume of cumulative monthly payments. Within 3 months, the implementation was completed and now SBI is further expanding its work with Ripple by jointly launching the Japanese Bank Consortium.
This consortium consists of 61 banks and covers approximately 80% of banking activities in Japan. It has also unveiled MoneyTap, which is a unique mobile app powered by RippleNet that allows customers of affiliated banks to immediately regulate domestic transactions.
Meanwhile, another product from Ripple, the XRP digital currency is enjoying gains of 4.28% to $ 0.269 along with the entire cryptographic market.
The content presented may include the personal opinion of the author and is subject to the market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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