37 financial institutions such as SMBC and Resona Bank will begin remittance experiments utilizing Ripple XRP. Results shows Ripple enables up to 30% cost-saving in transactions, and allows same day overseas remittance. Japanese and Korean banks will deploy XRP’s usage as early as Spring 2018. The main coordinator of this event is SBI Holdings’ SBI Ripple Asia.
“THE WORLD’S LARGEST BANKS HAVE BEEN THE FIRST TO ADOPT RIPPLE’S TECHNOLOGY, AND THE NETWORK EFFECT FROM OUR CUSTOMER BASE IS ACCELERATING,” SAID RIPPLE CEO BRAD GARLINGHOUSE. “PEOPLE KNOW RIPPLE IS THE ONLY BLOCKCHAIN SOLUTION FOR PAYMENTS THAT IS PROVEN IN THE REAL WORLD, AND IT’S DRIVING DEMAND FROM FINANCIAL INSTITUTIONS OF ALL KINDS AND SIZES BECAUSE THEY WANT TO STAY AHEAD OF THE CURVE.”
Ripple in this cryptospace denotes two entities: the Ripple payment protocol and the company Ripple. The Ripple payment protocol is built upon its native cryptocurrency XRP. Introduced in 2012, it promises”nearly free and instant global financial transaction of any size without chargebacks.” Banks across the world are experimenting and collaborating with Ripple to improve their cross-border payments, and to ushers in what Ripple calls the “internet-of-value”.
About SBI Holdings
Established in 1999, SBI Holdings is the pioneer of internet-based financial services. It claims to be the world’s first internet-based financial conglomerate, and specializes in securities, banking and insurance. Its collaboration with Ripple resulted in SBI Ripple Asia, which in turn is to build “engineering and sales force across Japan, China, Taiwan, Korea, and ASEAN countries to sell and install Ripple’s enterprise solutions for cross-border payments at banks across the region.”