Japan is a vital country for the success of cryptocurrency and digital assets. It is also a hub for any bank-related activity involving Ripple. The Japan Bank Consortium using this technology is ready to take things to a whole new level. More specifically, this collection of 61 bank members is production-ready on RippleNet, which is a major development. It will be interesting to see how all of this will affect domestic and international banking operations.
It is evident Ripple will make a big impact across Asian banks in the future. With several dozen Japanese players on board already, things are looking pretty good. It has taken some time to properly explore this technology.The Japan Bank Consortium announced they are ready to commercialize RippleNet through production-ready initiatives. This is a major breakthrough for both the company and the consortium itself, to say the very least. After all, we all want more efficient and cheaper banking services.
Big News for Ripple and its Supporters
Benefits of RippleNet include quicker onboarding with minimal effort, but also improved interbank connectivity. Anyone who is a part of the Ripple network will increase their reach with real-time global settlement. Said transactions are not only fast, but also low-cost and transparent. More importantly, this applies to both domestic and cross-border payments alike. It is great news for the 61 banks, but also any other bank connecting to the Japanese market.
Ripple’s Director of JVP Emi Yoshikawa comments:
“JBC’s progress to become production-ready is the culmination of the Ripple team’s ingenuity and dedication to modernizing payment systems, and the consortium’s desire to improve the settlement process. Now Japanese banks will be able to further their reach into RippleNet and easily connect to other banks.”
Creating such a unified platform for domestic and cross-border payments has been a challenge. The Ripple protocol powers all of this with relative ease. Connected members use xCurrent, which is the native solution for real-time settlement. It helps reduce operational and correspondent costs as well as increase visibility of payment statuses.Moreover, it seems JBC will launch an API connection known as Common Gateway. This facilitates the process of accessing xCurrent on a shared platform.
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