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Realtime remittance service to be launched in Japan next spring.

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Nikkei
https://www.nikkei.com/article/DGXMZO24280930V01C17A2EE9000/

[Google Translate]

Quote

SBI Holdings, regional banks and others will start a new service that can remit money to other bank accounts by smartphone application next spring. Remittance with applications can only be done between the same bank at present. The new remittance system will correspond 24 hours a day, 365 days.

The new remittance system will be managed by SBI Holdings as well as the federation of alliances where regional banks and 3 megabanks participate. In addition to input by account number, it corresponds to remittance by telephone number and QR code. You need to register the remittance side to the application, but even if the money receiving side is not registered in the application, you can receive money if you have a bank account.

The remittance fee is decided independently by each bank, but it is expected to be significantly lower than ordinary interbank remittances. In order to determine the risk of unauthorized remittance, we initially consider reducing the maximum amount to a small amount and raising it sequentially.

 

Edited by GiantGox

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we've already seen this app, but good to get confirmation it's going through as planned

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Translation of that coinforest article

"India State Bank is a state-owned bank with its head office in Mumbai, Maharashtra, India, founded in 1806. It is the largest bank in India with over 200,000 employees.

It seems that the Indian State Bank is trying to test the beta version of the smart contractable system using the block chain. We are planning to use it for contracts with customers that are not complicated at first. The breakthrough of this virtual currency which was originally imagined as "financial reform" is growing involving various banks. Ripple is also an innovative product that can quickly transfer remittances between banks and has expanded its scope to a greater extent, but satisfaction can also be expected by improving customer convenience as well as smart contracts with customers."

Sort of fits in with this tweet rumour - maybe some truth ? But who knows, be nice to be announced after escrow lock up!

"

 

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One thing buzzing me still. 

  • Save 30% with xCurrent
  • Save 60% with xRapid

Why are they still using xCurrent and not xRapid? What are the obstacles to use xRapid, when I only hear it would save them money and no downsides?

What are the downsides of xRapid?

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Another article about SBI app

https://apptimes.net/archives/9865

Translated as

"

On August 6, SBI Holdings and SBI Ripple Asia announced the completion of the construction of the settlement platform "RC Cloud 2.0" using DLT (Distributed Ledger Technology) at the consortium of domestic and overseas exchange which both companies serve as secretariat.

The consortium of domestic and foreign exchange unification is a corporate association consisting of 61 banks of domestic banks, including Megabank 3 banks and Yucho Bank. Already in March of this year, we are using Ripple solution between 43 lines to complete the demonstration experiment of RC cloud. Aimed at commercial use in 2018, enhanced version of RC Cloud 2.0 using Ripple's latest solution "xCurrent" will realize lower cost real-time remittance between banks.

We will also develop "common gateway" connected using Open API not only for RC Cloud 2.0 but also for lowering the development cost etc. of financial institutions in the consortium of domestic and foreign currency exchange.

In addition, we are also developing applications for remittance services using bank accounts, mobile phone numbers and QR codes. Once this is released, secure and secure remittance can be made 24 hours a day, 365 days in real time with low cost, with telephone numbers with other banks.

Emi Yoshikawa, director of Ripple (ripple), said:

"The progression of the consortium of domestic and overseas exchange to be in a state where production preparation is in place will maximize the originality of the ripple team, modernize the payment system, and strongly wish the consortium to settle the payment processing method is."

Speaking of ripple, it is expected to be price and practicality of XRP which is its digital asset (virtual currency), but if such a convenient remittance application is popularized, the recognition of XRP will rise as well.

While not only market trends but also the future developments of SBI and its partner ripple are drawing attention, efforts are being steadily undertaken towards the realization of "Internet of value".

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3 minutes ago, Skippy said:

One thing buzzing me still. 

  • Save 30% with xCurrent
  • Save 60% with xRapid

Why are they still using xCurrent and not xRapid? What are the obstacles to use xRapid, when I only hear it would save them money and no downsides?

What are the downsides of xRapid?

because that 60% isnt right away, and only in conjunction with regular banking services... not everything CAN go on xrapid, some stuff has to be done b2b via xcurrent, ILP, etc... xrapid comes in when outsourced liquidity is needed on-demand, or for cross-asset/cross-border... not required per say for intra-branch etc

and to familiarise banks within the network, ripplenet lets them work the way theyre used to, step by step, until they can take advantage of the new features and whatnot and eventually transition to xrapid... but you still need to train staff, adjust processes etc, AND have enough players on the network to make it all worthwhile (netowrk effect)

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Because paper, and powerpoint slides suffer anything. It says 60% because somebody typed in 60%. There is no mention of any real world example or even a detailed simulation to demonstrate savings in fact amount to 60% in any realistic scenario. You're just taking their word for it based on a 1.5 year old presentation with next to nothing to back it up.

Edited by corak

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