Less than a year ago, SBI Ripple Asia announced the creation of a Japanese consortium of banks who will use Ripple’s technology for payments and settlement. The set of banks set out to be the first in Japan to conquer the slow and costly pain points associated with sending payments using current rails.
A few short months later, the consortium grew to 47 banks that successfully completed a pilot implementation of Ripple to enable real-time money transfers both domestically and internationally – with the goal of going live by year end.
Today, we are happy to announce that the Japan bank consortium continues to drive interest among the banking community in Japan, bringing the total number of members to 61, representing over 80% of total assets in Japan.