RippleNet-powered money transfer service SBI Remit has made an announcement about its cooperation with the Fukushima Bank. From now on, this regional Japanese bank will be responsible for handling all of the company's international remittance services.
SBI Remit states that is it keen on adopting new technologies, including Ripple's distributed ledger technology. This helps it make remittances more 'convenient' and 'secure.'
The Ripple partnership already allows SBI Remit Thai nationals that reside in Japan to conduct nearly instantaneous cross-border payments between the two countries.
"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,” Nobuo Ando, Representative Director at SBI Remit Co., Ltd.
SBI Holdings, the parent company of SBI Remit, also started offering its shareholders benefits in XRP on Jan. 31.
A real-life problem
The Fukushima Bank has a strong network in Japan's Fukushima region with 10,000 workers from Vietnam, China, and the Philippines. The number of workers has seen a 2.5-fold increase since the earthquake that took place in 2011. There is untapped demand for remittances that SBI Remit wants to address by opening new payment channels.
The recently formed alliance helps to cut the red tape when it comes to international operations.
As reported by U.Today, the Fukushima Bank started using Ripple's MoneyTap after back in November after SBI became its top shareholder.