Key Takeaways:
- SBI Remit and Tottori Bank partner to use Ripple's DLT.
- The new service offers a faster, cheaper alternative to SWIFT.
- The move strengthens Ripple's real-world use case in Japan's banking sector.
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SBI Remit Taps Ripple DLT for Japan Remittances, Ditches SWIFT
SBI Remit, a subsidiary of Japanese financial giant SBI Holdings, confirmed on April 20, 2026, that it is partnering with Tottori Bank to use Ripple's distributed ledger technology (DLT) for international money transfers, moving away from the legacy SWIFT system.
"By using Ripple's DLT, we can offer our customers faster and more cost-effective remittance services," a spokesperson for SBI Remit said in a statement. "This collaboration with Tottori Bank is a significant step in driving the adoption of DLT in Japan's financial industry."
The partnership will allow Tottori Bank to process real-time international payments with lower fees compared to the correspondent banking system that relies on SWIFT. This move is part of a broader trend of financial institutions in Japan exploring blockchain-based solutions to enhance efficiency and reduce costs in cross-border transactions. SBI has been a long-standing partner of Ripple.
This deal strengthens the real-world utility case for Ripple's technology in the cross-border payments sector, which could positively influence sentiment around its native token, XRP. The move may also pressure other regional banks in Japan to explore DLT solutions, increasing competition against traditional financial messaging systems like SWIFT and potentially accelerating a shift towards more modern, blockchain-based infrastructure.
This article is for informational purposes only and does not constitute investment advice.
