Research shows that 80% of Japanese banks are collaborating with Ripple

A research paper written by three industry experts confirmed that Ripple has reached a partnership with the Japanese banking industry worth up to 80%.

The study, prepared by senior statistician Dr. Hossein Hassani and research experts Xu Huang and Emmanuel Silva, highlights the significant inroads Ripple has made in Japan’s banking industry.

According to research, about 80% of Japanese banks have established partnerships with Ripple, showing the growing importance of blockchain in the traditional financial industry. Ripple, known for its robust payment solutions, has established itself as a formidable player in facilitating cross-border transactions.

Ripple penetrates the Japanese market

Ripple’s attractive proposition has attracted the attention of major financial institutions, especially in Japan. The paper confirms that the Japanese banking industry, traditionally known for its cautious approach to new technologies, has embraced Ripple’s blockchain solutions at an unprecedented rate.

The shift is part of a broader trend in the financial industry toward adopting innovative technologies. Research shows that more than 60 Japanese banks have integrated Ripple’s technology. These collaborations are continuing despite the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, which has led several U.S. agencies to express concerns about working with Ripple.

Ripple’s technology, including its ODL system (now called Ripple Payments), offers several advantages, including reduced transaction costs, faster processing times, and enhanced transparency. These benefits are in line with the global banking industry's goal to improve efficiency and customer service levels.

The Ripple partnership will allow Japanese banks to offer customers faster and more reliable international payments, setting a new standard for the industry. One major institution that has taken advantage of this opportunity is SBI Holdings, a Japanese financial giant with several subsidiaries.

In 2016, SBI Holdings entered into a partnership with Ripple, which led to the launch of a new project, SBI Ripple Asia. The two companies extended their collaboration, with SBI’s subsidiary relying on Ripple’s payment infrastructure for cross-border settlements. SBI has also expanded its use of Ripple.

Ripple aims to expand its influence

In addition to finance, Ripple also formed a partnership with Japanese consulting firm HashKey DX this year. Ripple’s partnerships aren’t limited to Japan. In the UK, Santander Bank has implemented Ripple’s xCurrent protocol to facilitate international payments ranging from £10 to £10,000, according to the report.

At the same time, Ripple is also expanding its influence in other areas through recent acquisitions and partnerships. The company acquired Metaco to enter the custody and tokenization industries. It has now expressed interest in entering the stablecoin market, with plans to launch an XRPL-based stablecoin later this year.

Global application of blockchain

The study not only focuses on Japan, but also shows the trend of blockchain application in the banking industry worldwide. Major global financial institutions including BNP Paribas, UBS and HSBC are exploring and implementing blockchain solutions to streamline business operations.

The trend is driven by the technology’s potential to reduce costs and increase transaction transparency and security, the report suggests.

For example, BNP Paribas has piloted blockchain technology for the processing of orders and money funds, while HSBC has used R3’s Corda blockchain to execute real-time trade finance transactions. These initiatives reflect a growing recognition of blockchain’s transformative potential. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may contain the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are encouraged to conduct in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.