Ripple is revealing how a partnership between SBI Remit and Siam Commercial Bank (SBC) is giving people in Japan a new, instant way to send money overseas.
SBI and SBC have partnered to use Ripple’s enterprise blockchain solution xCurrent to power real-time payments between Japan and Thailand. According to 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 has released a new video demonstrating how the partnership works for customers in the real world.
“It is our duty to continuously search for superior technological solutions to deliver ever improved remittance services for our customers. With the steady rise of remittance flows, we see Ripple helping us open up new revenue potential for our business and a better overall experience for our customers.”
The partnership does not utilize xRapid, Ripple’s on-demand liquidity service powered by XRP.