SBI Holdings has published its nine-month financial report, recognizing Ripple’s potential in cross-border payments.
Japanese finance giant SBI Holdings has released its nine-month financial report today, Jan. 31. In the report for the period ending on Dec. 31, 2018, SBI notes Ripple’s potential for cross-border payments.
SBI outlines the implementation of technologies by Ripple (XRP) and blockchain consortium R3 as a major part of its strategy to enable a global standard for financial operations such as international payments and trade finance.
In the section titled “Business Area Separation of Ripple and R3,” SBI featured Ripple as an entity “specializing in international remittance,” while R3 is responsible for developing projects that “are not limited to the financial industry by using smart contract-based technology.”
SBI also emphasized that XRP is the first cryptocurrency that is supported by R3’s Corda Settler. The recently launched decentralized application allows payment obligations on the Corda blockchain to be settled via all global payment systems, both traditional and blockchain-based.
As a part of the strategy to enable a fintech shift, SBI also mentions its new blockchain initiative S coin platform, which it trialed for retail payments in September 2018. The report states that integration of R3’s Corda Settler onto the platform will streamline S coin and enable it to operate globally.
On Jan. 30, Cointelegraph reported on major global banking payments network SWIFT’s plans to launch a Proof-of-Concept (PoC) to allow R3 to link to GPI (Global Payments Innovation) payments from their platform.
Earlier in December, SBI Holdings-founded crypto exchange Vctrade started accepting deposits in major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.