SBI Remit confirmed it uses the distributed ledger technology of Ripple in its new partnership with Tottori Bank, a Japanese financial institution, deepening the quiet abandonment of SWIFT for low-value transfers. The collaboration targets small-amount remittances, historically costly and inefficient under traditional banking systems, with the goal of accelerating settlement times and reducing operational costs.
The operation is the result of a structural shift in how Japanese banks are reorganizing their international payment flows. As the ISO 20022 standard raises compliance and data processing demands, SWIFT transfers have become heavier and more burdensome, especially for high-volume, low-value remittances. Rather than patching the inefficiencies of legacy systems, institutions like SBI are redirecting specific flows toward alternative infrastructure.
Meanwhile, SBI Ripple Asia launched a joint investigation with South Korean fintech DSRV to improve payment corridors between Japan and South Korea, focusing on the XRP Ledger as a potential backbone. The same entity also completed the development of a token issuance platform based on that same protocol.
These developments consolidate a hybrid model that does not replace SWIFT, but instead incorporates blockchain-based settlement layers to optimize specific flows across the most active Asian corridors.
Source: https://x.com/InvestWithD/status/2045914872609931749
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