Every time, Ripple has a new issue to grind in its area of specialty, especially in countries where its outstanding instant remittance tools are being depended upon.
On Wednesday, Ripple practically showed how its instant Remittance tool, the RippleNet is disrupting the financial sector in Japan.
Before Ripple’s announcement, Soft Bank has publicized the launch of a similar protocol, leveraging the power of a big telecommunication system to achieve an instant payment gateway in the same country Ripple is thriving already.
This has necessitated for us to examine the instant remittance tools used by the two and how sophisticated they are.
RippleNet In Japan
RippleNet is no doubt a known tool deployed by many banks in the world. At the moment, the tool is now fashioned to serve as a succor for the 45,000 persons who resides in Japan.
Prior to the deployment of RippleNet, payment transfers come with big hassles. This made a large number of banks deploy RippleNet’s global payment network to bring about hassle free, costless, and instant remittance system.
Then, SBI Remit and Siam Commercial Bank (SCB) decided to deploy RippleNet to achieve a real-time remittance payments for the Thai workers resident in Japan.
How Ripple’s Idea Works
The collaboration between SBI Remit and Siam Commercial Bank (SCB) makes it easy for Thai workers to open an SBI Remit account via the internet and then connect it to their account in Thailand with the help of SCB.
The moment they get an SBI card, they can make payment into their account in Thailand Bank using an ATM. This deposit reflects in their account immediately in Thai. In just few seconds, deposited amount in JPY at an ATM reflects in Thai Bank without any problem.
Added to the hassle free remittance service, is the lower and cost effective fee pattern. Beyond money transfer, the RippleNet’s messenger API makes communication between SBI Remit and SCB possible.
Something To Note
SBI is a financial institution of repute in Japan. It is regarded as the largest money transfer provider in the country, processing 10 billion JPY every month.
Now, SBI intends to expand and make its remittance system unmatchable, this made the firm deploy RippleNet with the help of the Japanese Bank Consortium, which has nothing less than 61 member banks.
Not long, the Japanese Bank Consortium launched MoneyTap, a payment app also powered by RippleNet.
SoftBank Tackles Ripple With Its Completed Blockchain Cross-border Mobile Payments
There seems to be an increasing fight against Ripple’s cross-border payment solution in the nooks and crannies of the world, Stellar has reflected they are developing their using Blockchain World Wire, an effective cross-border remittance that evolved out of the partnership between Stellar and IBM.
This time around, SoftBank Corp., Synchronoss Technologies, Inc., (a recognized designer of IoT, digital, cloud, and messaging products), and TBCASoft, Inc., (a reputable designer of cross-border blockchain technology), announced on Thursday to have agreed to launch a Proof of Concept (PoC) for a new cross-carrier mobile payments protocol that is dependent on TBCASoft’s blockchain technology and the Rich Communication Services (RCS) universal messaging standard.
SoftBank Corp. is a Japan-resident telecommunication firm touted to be 72nd largest firm in the world and 17 largest in the country with $82 Billion annual revenue. At present, it has link with Sprint, Yahoo Japan, among other firms.
Synchronoss his acclaimed for it prowess in Japan, achieving dependable, secure multi-channel communications platform that caters for RCS, email, and SMS.
However, TBCASoft has been an ally of SoftBank. The two partnered under the Carrier Blockchain Study Group (CBSG) Consortium. The consortium is designed to achieve a cross-carrier blockchain platform regarded as CCPS (Cross-Carrier Payment Service). CCPS perfects global mobile payment services within the global telecommunication carriers.
SoftBank, Synchronoss, and TBCASoft have confidently achieved a mobile payments service PoC purposely for people to achieve digital, in-store, and mobile purchase with their device.
What The SoftBank Tool Does
With this tool, a mobile user in Japan can sojourn to USA and buy in dollars using the RCS which is supported by Synchronoss and SoftBank.
In the same line, the RCS global messaging standard is also prolific for sending payment. Through the system, P2P money transfers are possible within and outside the country.
The flexibility of this protocol makes it easy for payment to be made into any country. However, it is not stated if the payment option is cheaper than Ripple’s deployed technology.
Differentiating Between RippleNet and SoftBank’s Tool
RippleNet has been tested and confirmed OK for cross-border remittance. However, SoftBank’s tools has just been launched into the space. With time, users will be able to state the uniqueness and seamlessness of the tool. Remember that with SoftBank’s mobile payments service PoC, users can make payment on their mobile phones.
In the meantime, there is a growing competition between the two ideas. It is enough for SoftBank to proof to the world that its tool stands out and will defeat RippleNet in a short time because Ripple has proved to be unsurpassable in a countless number of time.