South Korean bank tests Ripple payments

Posted: 2 March 2018 2:00 pm
Ripple transfer small

This is the bank’s second time testing Ripple. An initial trial was carried out earlier this year in January.

Another day, another partner for blockchain company Ripple. South Korea’s Woori Bank has successfully tested a cross-border remittance transaction using distributed ledger technology (DLT) provided by Ripple.

ChosunBiz reports that Woori Bank’s digital strategy department, which was responsible for the test, expressed a “positive attitude” for introducing the technology in practice.

The article reveals that Woori’s overseas remittances using the Ripple solution will be commercialized this year. Preliminary practical work will be executed by Woori Bank’s foreign exchange department and IT department.

“The issue of overseas remittance fees is a matter of discussion, but it is much quicker and cheaper than existing remittances,” a Woori Bank official reportedly told ChosunBiz.

“In addition to the Swift network and Ripple, there are various remittance methods such as MoneyGram and Union pay. In the future, the customer will choose the most advantageous overseas remittance method.”

This is the bank’s second time testing Ripple. An initial trial was carried out earlier this year in January.

Japan’s SBI Group, which includes Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, are just three of 60 Japanese banks that have been trialing Ripple’s technology, according to the report. Woori, Shinhan and Thailand’s Siam Commercial Bank are also involved in joint trials.

SBI Ripple Asia was founded in 2016 as a consortium to explore use cases for Ripple products in Asian markets.

Ripple is constantly signing new business partners

Ripple’s distributed ledger, RippleNet, provides real-time messaging, plus financial clearing and settlements. Ripple has already signed over 100 partners who utilize its RippleNet blockchain.

FLEETCOR subsidiary Cambridge Global Payments plans to use Ripple’s XRP token in overseas transactions. Other companies also making waves with Ripple include Western Union, China’s LianLian Pay, UAE Exchange, MoneyGram, IDT Corporation and MercuryFX, Crédit Agricole, plus five other partners in four countries.

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