SBI Remit, a Japanese cross-border remittance service provider, stated that its platform has processed over 2.5 trillion yen (approximately US$15 billion) in international remittances. This progress demonstrates the continued demand for cross-border remittances from Japanese workers and foreign residents abroad, and reflects the deeper integration of blockchain payment networks into real-world financial scenarios.

SBI Remit primarily serves foreign residents in Japan, overseas workers, and individuals with cross-border money transfer needs. Compared to traditional correspondent banking models, this type of service typically places greater emphasis on faster transfer speeds, lower fees, and control over intermediaries. The company links this milestone to its long-standing use of the Ripple payment network.

Connected to RippleNet since 2017

SBI Remit's partnership with Ripple began in 2017. At that time, the company integrated with RippleNet to optimize cross-border payment processes. According to the article, this network aims to shorten settlement times and improve the transparency of the transfer process.

In 2021, SBI Remit pioneered the On-Demand Liquidity (ODL)-based international remittance service in Japan. This model uses XRP as a bridging asset in cross-border transfers, thereby reducing the need for institutions to pre-position funds in the receiving country.

• Total remittances: Over 2.5 trillion yen
• Equivalent amount: Approximately US$15 billion
• ODL Implementation Time: 2021

XRP is used in the back-end settlement process.

According to the article, once a user initiates a remittance, the relevant instructions will be processed through SBI VC Trade. Funds can first be converted into XRP, and then exchanged for the recipient's local currency after the cross-border transfer.

The focus of this process is not on displaying crypto assets to users, but on completing faster liquidity allocation and settlement in the background. The article states that this structure helps reduce settlement times, decrease operational friction, and improve the efficiency of fund utilization for participating institutions.

From this perspective, XRP is not a trading product, but rather serves as a transit and clearing mechanism in cross-border payments. The cumulative scale announced by SBI Remit is also seen as a case study of the continued use of digital asset settlement networks in real-world remittance channels.

Japanese banks continue to advance blockchain payments.

The article also mentions that Japan is one of the most active markets for enterprise-level blockchain applications, with the SBI Group playing a significant role. As concerns about the cost and efficiency of cross-border payments continue to arise, banks and remittance institutions are showing increasing interest in related infrastructure.

SBI Remit recently partnered with Tottori Bank to further expand its blockchain-based payment network. This collaboration demonstrates that regional banks in Japan are also recognizing the potential applications of distributed ledger technology in payment scenarios.

Overall, this milestone reflects more the progress at the payment infrastructure level than simply the narrative of the crypto market. For Ripple and XRP, the key point is that their actual use in Japan's cross-border remittance system continues to expand.