Ripple is revealing how a partnership between SBI Remit and Siam Commercial Bank (SBC) is offering the people from Japan a brand new instant way of sending money overseas.
SBI teamed up with SBC to use xCurrent
SBI and SBC teamed up to use Ripple’s enterprise blockchain solution called xCurent in order to power real-time payments between Japan and Thailand.
“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 states.
Ripple also launched a new video demonstrating how the partnership works for customers in the real world.
It is important to note that SBI invested in Ripple back in 2016. Representative director at SBI Remit Nobuo Ando said the company is looking at all the ways it can use the company’s blockchain tech in order to improve remittances.
“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.”
On the other hand, the partnership doesn’t use xRapid, Ripple’s on-demand liquidity service powered by XRP.
Sending $50 Million In Ripple’s XRP Took 3 Seconds And Cost 30 Cents
Another important revelation regarding Ripple was that Michael Arrington claimed that XRP is by far the best way to move money from one corner of the world to another.
During a brand new interview with Blockinpress, he explained why his crypto hedge fund Arrington XRP Capital denominated itself in XRP.
“Our very first closing was over $50 million, and we moved that money in 3 seconds, and it cost like 20 or 30 cents to move those $50 or something million dollars. Bitcoin and Ether can’t compare to that,” he continued.