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Homepage / News March 2, 2018 9 views

South Korean Bank Trials Ripple for Overseas Remittances

South Korean Bank Trials Ripple for Overseas Remittances

South Korea’s Woori Bank has reportedly completed a cross-border remittance test employing the distributed ledger technologies (DLT) created by the San Fransisco-primarily based startup Ripple.

According to regional organization media supply ChosunBiz, the completion of the trial arrives as the bank’s Digital Technique Division revealed plans to commercialize the Ripple-primarily based platform this year. It also marks a second phase of the trial, following an initial adoption at the finish of January.

The bank’s participation&nbspin piloting DLT payments comes as part of a wider work that has observed another 60 or so Japanese banks also joining trials initiated by Japan’s SBI Group, the report says.

Previously, SBI Ripple Asia – a joint venture among Ripple and monetary giant SBI -&nbsp mentioned in September last year that it would begin testing cross-border remittances more than Ripple’s resolution between Japanese and South Korean banks by&nbspthe end of 2017. The aim of the work being to bring DLT into real-life use and bringing new efficiencies to banks’ cross-border transactions by cutting middlemen banks out of the equation.

According the September report, the group involved notable banks from Japan, such as Mitsubishi UFJ Economic Group, Sumitomo Mitsui Monetary Group and Mizuho Monetary Group.

ChosunBiz indicates that other non-Japanese institutions involved contain South Korea’s Woori and Shinhan banks, as properly as Thailand’s Siam Commercial Bank.

Woori Bank image by way of Shutterstock

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Published at Fri, 02 Mar 2018 08:30:07 +0000