Japanese Banks Strengthen alliance with Ripple’s XRP Technology
SBI Shinsei Bank and SBI Remit, a leading user of the XRP Ledger, announced a new customer referral partnership to enhance services for international money transfers.
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SBI Shinsei Bank and SBI Remit, a leading user of the XRP Ledger, announced a new customer referral partnership to enhance services for international money transfers.
The CEO and president of SBI Holdings, Yoshitaka Kitao, drew attention to this most recent partnership.
The collaboration between these two well-known organizations in Japan’s financial sector will improve remittances’ speed and affordability for their clients. Its main goal is to give people and companies wishing to send money overseas a smooth transfer experience.
SBI Remit, a division of SBI Japan, has been a top supplier of international remittance services. It has established a solid reputation for streamlining its services with cutting-edge financial technologies.
The business uses Ripple’s distributed ledger technology, which uses XRP to guarantee quick and affordable international payments. An essential component of SBI Remit’s operations has been this technology.
It has enabled it to maintain its leadership position in remittance services by providing safe and effective money transfers.
SBI Remit introduced an international remittance service based on XRP targeting bank accounts in Vietnam, the Philippines, and Indonesia. Notably, the action was taken in collaboration with SBI Ripple Asia and Ripple. It used XRP as a bridge currency to lower remittance costs and increase scalability.
This service made cross-border payments quicker and less expensive, which benefited areas with significant remittance inflows. Plans to extend the service to additional nations and incorporate corporate and inbound transactions were revealed at the time
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