SBI Remit has surpassed 2.5 trillion yen in cumulative international money transfers, approximately $15 billion, marking a significant milestone in blockchain-enabled cross-border payments. The achievement reflects the company's integration of Ripple's On-Demand Liquidity (ODL) technology, which uses XRP as a bridge asset to enable near-instant settlements without pre-funded accounts in destination countries. Japan has emerged as a leading market for enterprise blockchain adoption, with SBI Remit serving expatriates and migrant workers who require fast and affordable remittance services to families and businesses abroad.
SBI Remit Surpasses $15 Billion in Cumulative Transfers
SBI Remit announced that cumulative international money transfers processed through its platform have exceeded 2.5 trillion yen, roughly $15 billion. The company primarily serves expatriates and migrant workers in Japan who rely on fast and affordable methods to send money to families and businesses abroad. Traditional banking systems for these transfers often involve multiple intermediaries, high fees, and delays that can stretch over several days. SBI Remit has positioned itself as a more efficient alternative by leveraging blockchain-based infrastructure.
Ripple Partnership Enables XRP-Powered Settlements Since 2021
SBI Remit has maintained a partnership with Ripple since 2017, using RippleNet to streamline cross-border transactions with faster settlement times and improved transparency compared to traditional correspondent banking. In 2021, SBI Remit became the first company in Japan to introduce international remittance services powered by On-Demand Liquidity (ODL). ODL uses XRP as a bridge asset, allowing value to move across borders without requiring institutions to pre-fund accounts in destination countries. Liquidity is sourced in real time through digital asset markets, enabling near-instant settlement. When a customer initiates a transfer, SBI Remit routes the instruction through SBI VC Trade, with funds converted to XRP, transferred across borders within seconds, and then exchanged into the recipient's local currency. This structure reduces settlement delays, lowers operational friction, and improves capital efficiency for participating institutions.
SBI Remit Expands Blockchain Network With Tottori Bank
SBI Remit recently expanded its blockchain-enabled payment network through a partnership with Tottori Bank, signaling further institutional interest in distributed ledger applications within Japan's banking sector. Japan has become one of the more active markets for enterprise blockchain adoption, with financial institutions such as the SBI Group playing a central role in integrating distributed ledger technology into payment services. The continued growth in SBI Remit's remittance volumes points to sustained demand for faster and more cost-effective international payments.
FAQ
What milestone did SBI Remit achieve in cross-border transfers?
SBI Remit announced that cumulative international money transfers processed through its platform have surpassed 2.5 trillion yen, approximately $15 billion. The company serves expatriates and migrant workers in Japan who send money to families and businesses abroad.
How does SBI Remit use XRP in its payment system?
SBI Remit uses Ripple's On-Demand Liquidity (ODL) technology, which employs XRP as a bridge asset. When a customer initiates a transfer, funds are converted to XRP, transferred across borders within seconds, and then exchanged into the recipient's local currency. This process eliminates the need for pre-funded accounts in destination countries and enables near-instant settlement.
Why has Japan adopted blockchain technology for remittances?
Japan has emerged as a leading market for enterprise blockchain adoption, with financial institutions such as the SBI Group integrating distributed ledger technology into payment services. SBI Remit's partnership with Ripple since 2017 and its introduction of ODL-powered remittances in 2021 demonstrate the country's focus on faster and more cost-effective international payment infrastructure.
