The future of banking may look very different compared to today. It would appear SBI Ripple Asia is looking to expand in an aggressive manner.
During a recent meeting, it was announced how this consortium wants to take up roughly half of the transaction volume of the Ripple network.
SBI Ripple Asia is Liquidity-Hungry
That is a very bold and ambitious goal, albeit one that can be achieved.
Currently, SBI Remit processes real-time transfers from Japan to other banks across Southeast Asia.
The goal is now to expand upon the existing payment corridors and improve the overall liquidity accordingly.
For the time being, the affiliated SBI Ripple Asia banks rely on RippleNet to process transfers.
All network participants will switch over to Ripple’s On-Demand Liquidity in due time.
This is the same technology currently in use by MoneyGram and other partners making use of Ripple technology.
This shift to innovative payment rails will be beneficial to both service providers and their clients alike.
It leads to faster and cheaper money transfers, which can only be considered to be beneficial.
Compared to existing banking infrastructure, Ripple’s technology is a matter of seconds, rather than hours or days.
What the exact plan of action will be, should become clear in the months to come.
It is evident that SBI Ripple Asia has big plans, but they might not prove all that easy to fulfill.
Image(s): Shutterstock.com
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