Japan-based cross-border remittance service SBI Remit stated that the total volume of international remittances processed on its platform has exceeded JPY 2.5 trillion, equivalent to approximately USD 15 billion. This milestone highlights ongoing demand for cross-border remittances from Japanese overseas workers and foreign residents, and underscores the growing integration of blockchain payment networks into real-world financial applications.
SBI Remit primarily serves foreign residents in Japan, overseas workers, and individuals with cross-border transfer needs. Compared to traditional correspondent banking models, such services typically emphasize faster settlement times, lower fees, and better control over intermediary steps. The company has linked this milestone to its long-term adoption of the Ripple payment network.
Connected to RippleNet since 2017
SBI Remit's partnership with Ripple began in 2017. The company integrated RippleNet at the time to optimize cross-border payment processes. According to the article, this network aims to reduce settlement times and enhance transparency in the transfer process.
By 2021, SBI Remit became the first in Japan to launch an international remittance service based on On-Demand Liquidity (ODL). This model uses XRP as a bridge asset for cross-border transfers, reducing the need for institutions to pre-fund accounts in the recipient country.
- Total accumulated remittance volume: over 2.5 trillion JPY
- Equivalent amount: approximately $15 billion
- ODL launch date: 2021
XRP is used for back-end settlement.
As described above, when a user initiates a transfer, the instruction is processed through SBI VC Trade. The funds can first be converted into XRP, transferred across borders, and then exchanged into the local currency of the recipient’s market.
The focus of this process is not on displaying crypto assets to users, but on enabling faster liquidity allocation and settlement in the background. The article states that this structure helps reduce settlement times, minimize operational friction, and improve capital efficiency for participating institutions.
From this perspective, XRP is not a trading product but serves as an intermediary settlement asset in cross-border payments. The cumulative volume disclosed by SBI Remit is regarded as a real-world example of ongoing usage of a digital asset settlement network in remittance channels.
Japanese banks continue to advance blockchain payments
The article also notes that Japan is one of the more active markets for enterprise blockchain applications, with the SBI Group playing a significant role. As issues surrounding the cost and efficiency of cross-border payments continue to attract attention, interest from banks and remittance providers in related infrastructure remains on the rise.
SBI Remit has recently partnered with Tottori Bank to further expand its blockchain-based payment network. This collaboration demonstrates that regional banks in Japan are also exploring the potential of distributed ledger technology in payment applications.
Overall, this milestone reflects more of an advancement in payment infrastructure than simply a crypto market narrative. For Ripple and XRP, the focus remains on the expanding real-world adoption within Japan’s cross-border remittance system.