Showcasing the use of cryptocurrency in monetary transfers, Ripple has become a known partner for traditional institutions that wish to revamp their cross-border remittance services. Taking this vision further, Ripple announced a new partnership with Japan’s SBI Remit to transform remittance payments from Japan to the Philippines.
Ripple’s latest partnership will see the involvement of mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to provide a cheaper remittance option to its customers. This will be made possible by using XRP to eliminate the pre-funding costs.
According to the official statement, Japan’s first On-Demand Liquidity (ODL) service implementation helps Ripple to drive the adoption of crypto-enabled services. Nobuo Ando, representative director of SBI Remit, stated:
“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”