Japanese Banks Test XRP for Cross-Border Payments with 60% Cost Savings

Japanese banks have reportedly found that using XRP-based payment rails is about 60% cheaper than traditional cross-border systems.

According to Dr. Kamilah Stevenson, Japanese banks running live remittance pilots found XRP-based payment rails were roughly 60% cheaper and settled transactions in under four seconds.

The pilot results were presented at a Tokyo conference in April, involving workers in Japan sending money to families in Southeast Asia.

The methodology used in the pilot is notable as it compared both systems side-by-side on real transfers on active Japan, Southeast Asia remittance corridors.