Learn how SBI Remit and Siam Commercial Bank partnered on RippleNet to deliver better remittance services and lower fees for Thai workers living in Japan. https://t.co/S2y43ZOKZ0
— Ripple (@Ripple) 3 August 2018
In partnership with SBI Holdings, via the RippleNet solution, remittance payments to Thai workers within Japan have been totally reformed, creating a faster and more accurate payment service that is proving to be very beneficial to those workers within Japan who are benefitting from the technology.
What is the problem with traditional remittance payments?
Traditional remittance payments create high fees for low value payments, meaning through the transfer process, workers would be subject to fees that would in turn decrease their final payment. This would mean that the final payment amount would be uncertain and thus, workers could not rely on their wages in order to plan and budget accurately. Moreover, due to the slow process of remittance payments, workers could never be sure as to when they would receive their payment, timings are always uncertain. Overall, all things considered, this could greatly reduce the quality of life for all workers receiving their pay through remittance.
How does RippleNet make this better?
Through the intrinsic benefits of blockchain technology, RippleNet allows for a fairer, more transparent and overall, better remittance service. Through this, workers are no longer subject to high fees as blockchain technology reduces the need for these, via skipping a middle point of contact. Through RippleNet, workers know exactly how much they are due to be paid and will be paid the full amount, in a timely manner at that too. Wages can be sent within minutes and will move from the bank, to the worker seamlessly. This in turn has great benefits for the banks too, allowing them to build closer relationships with their customers which in turn, means they will gain access to more customers. Through RippleNet integration, banks can totally overhaul their customers experience.
How do we know all this?
Well, Ripple have recently uploaded a handy video, that explains the whole process for you.
RippleNet is changing the world for many within Japan. By helping to improve their own financial situations, the workers can benefit and so can the banks. Moreover, the blockchain industry benefits too as the success seen in Japan will only encourage more Ripple based remittance projects to be rolled out worldwide.