SBI Remit, a Japan-based cross-border remittance service, announced that its international remittance volume has exceeded JPY 2.5 trillion, approximately USD 15 billion. This achievement underscores the growing demand for efficient cross-border payment solutions among Japanese overseas workers and foreign residents. The company attributes this milestone to its integration with the Ripple payment network, which it joined in 2017 to enhance settlement speed and transparency. SBI Remit was the first in Japan to launch an international remittance service using Ripple's On-Demand Liquidity (ODL) in 2021. This system employs XRP as a bridge asset, facilitating faster and more efficient cross-border transfers without the need for pre-funded accounts. The cumulative remittance volume highlights the practical application of blockchain technology in financial services, with SBI Remit recently partnering with Tottori Bank to further expand its blockchain-based payment network.
SBI Remit Cross-Border Transfers Surpass $15 Billion, Highlighting RippleNet Integration
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