Ripple first live blockchain:

Ripple is one of the few blockchain based technologies that has been used initially within Banks to use as a real time International Payment system within their Treasury Departments. It has been used extensively and one of the first to use it in the UK was Santander Bank for internal transfer use initially. The technology since then has been used for Treasury services within Banks enabling better management of Liquidity and at the same time test the technology for what it is able to do. 

International payments between Japan and Thailand - using Ripple:

Since then and thanks to SBI Remit, Siam Commercial Bank (SCB) and Ripple, 45,000 Thai nationals living in Japan can send money home faster.

Remittance flows between Japan and Thailand have been steadily growing and currently make up roughly $250 million[1] USD annually. Yet, the remittance infrastructure hasn’t kept up with customer needs. Funds transfers can take up to two days, fees average a whopping 5-7%[2] for each transaction, and there is no visibility into when funds actually arrive.

SBI Remit and SCB turned this problem into an opportunity to add value to their customers while also creating a new revenue opportunity estimated at $10-15 million per year.

The roll-out of the service began on the 29th June 2017. It’s the first commercially-available remittance service powered by Ripple. Those who use SBI Remit in Japan can instantly send money in JPY to a recipient’s SCB savings account in Thailand and receive funds in seconds.

Central Bank findings for RTGS adoption:

Whilst we are seeing the first real roll out of the technology, Central Banks having being reviewing it as a means to creating the next generation real-time gross settlement systems (RTGS), the finding from the Bank of England (BoE) have been positive.

The BoE’s PoC specifically looked at how Ripple’s solution could support the synchronisation of cash movements made using two simulated RTGS systems utilising the open-source Interledger Protocol. The BoE says that “the PoC was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.” In other words, Ripple’s solution showed promise in enabling RTGS systems which seamlessly support interoperability globally.

Interledger support for Interoperability and a potential International standard:

everis as part of their strategy to support the uptake of Ripple and its ability to link with traditional banking systems (as well as other blockchains) continues to support the development of the Java version of Interledger (ILP) as part of its strategy to become the most successful Consultancy at delivering live projects and not just POC's.

Isaac Arruebarrena, one of everis DLT specialists and Blockchain Programme Manager for Banking said:

''These milestones represent a step forward for enabling blockchain technology’s adoption in the financial industry. While blockchain technology continues going through its hype cycle it’s encouraging to see that there are some fully focused technology companies innovating with blockchain technology and the Interledger protocol in order to create real value for financial service providers and their customers.''

[1] Source: World Bank [2] Source: World Bank