Ripple and its partners have made it a point to deliver products all across the world for global consumption. Over the past two years, Ripple has undergone many changes to establish itself as a market leader in cryptocurrency cross border transactions.
Recently, SBI Holdings published a report outlining its next quarter financial plans. Ripple was mentioned several times in the report of SBI, most of which adhered to cross-border transactions and how the company intended to improve payment gateways.
SBI Holdings talked about how MoneyTap has been successful in accepting an investment from Ripple and therefore create more products on the blockchain. MoneyTap plans to accelerate commercial services through the implementation of applications, common gateways and a RC cloud.
The report added that over 34 banks had invested in MoneyTap. These banks included The Awa Bank, EHIME Bank, Kita-Nippon Bank and the Shiga Bank.
The SBI group is advancing the adoption of private cloud-based accounting systems to regional financial institutions in order to integrate their systems. In the beginning, the SBI Sumishin Net bank plans to introduce Hitachi’s accounting system into many workings.
Once this integration takes off, financial institutions are expected to operate more stably with reduced maintenance costs.
According to the report, the SBI Group will offer technology into the private cloud or the SBi Financial Cloud. The Cloud is expected to be powered by Amazon Web Services which will then support the common platform running on APIs.
This will then be used for Fintech ventures and various other services. SBI further claimed that it will provide an API platform to financial institutions to support the adoption of fintech startup companies’ services and systems.
At the moment, the SBI Group has adopted 10 companies while 5 other companies were in the process of adoption. Sources close to the company revealed that there are are seven more companies in the pipeline.
The next anticipated development from SBI was SBI DigiTrust, a platform that offers services that utilize advanced technologies of SBI security solutions and NEC.
SBI security solutions will utilize the distributed ledger technology of Corda as well as the popular SSO platform. The company will also include a new and improved security design with solid relationships with the financial industry. SBI believed that they possessed an increased knowledge of financial industry trends, an ace that would give them an edge.
SBI holdings has also partnered with Google’s digital skill training program “Grow with Google“. This was done to promote IT literacy rate in the local communities by working as a hub and partnering with regional financial institutions nationwide. SBI Group is expected to utilize the Google digitization support content to make that a reality.
