Japan’s Financial Giant SBI Renews Its System for Ripple International Remittance Using ODL

The Japanese financial giant is committed to fostering its collaboration with Ripple.

SBI Holdings, Japan’s financial services company, announced that it renewed its XRP international remittance service using On-Demand Liquidity (ODL). 

According to a press release today, SBI’s XRP international remittance service system using ODL has been renewed to a multi-tenant system that can connect with multiple remittance companies and crypto exchanges.

“The XRP international remittance service system using ODL Provided By Ripple has been renewed… We are pleased to inform you that we have made support for all of these as a multi-tenant system that can connect with multiple businesses.

We have renewed the system to support multi-tenancy that can connect with multiple operators. As a result, Asian Net Co., Ltd., which provides an international remittance service business, will be newly connected as a remittance source fund transfer company and start services for customers from today,” SBI noted. 

SBI Has Bigger Plans for Ripple

Furthermore, the Japanese financial services giant said it is planning to enhance Ripple’s On-Demand Liquidity prowess in international and domestic remittance. 

“Going forward, we will continue to strengthen the superiority of ODL in international remittance services and expand the use cases of crypto assets by promoting the expansion of multiple domestic and overseas fund transfer companies and remittance destination countries,” SBI said. 

SBI’s expansion of the ODL service came a few hours after Ripple released its Q2 2022 financial report. According to Ripple, ODL adoption skyrocketed in the second quarter of 2022, leading to the sale of $408.9 million worth of XRP. 

SBI Group Bullish on Ripple’s Solution

It is noteworthy that SBI has been a major partner and supporter of Ripple for years. SBI has been bullish on Ripple’s solution, adopting the Silicone Valley tech company’s native cryptocurrency, XRP, for its businesses. 

As reported in May 2022, SBI’s cross-border e-commerce platform, SBI Motor Africa, announced it would accept XRP payments for the purchase of used cars. 

SBI did not stop there. The Japanese financial giant also disclosed that it would examine Ripple’s XRP Ledger (XRPL), which will likely be utilized by SBI Motor Africa if the SEC v. Ripple lawsuit ends in favor of the blockchain company.