íŕçâŕíčĺ

South Korean Bank Plans �Commercial’ Ripple Remittances By 2019

South Korean Bank Plans �Commercial’ Ripple Remittances By 2019
Ripple-based remittances are set to launch with South Korean bank Woori Bank.

South Korean bank Woori Bank intends to introduce “commercialized” international remittances this year based on Ripple, a cryptocurrency-powered remittance network, local news outlet ChosunBiz reports Friday, Mar. 2.

On the back of a positive test transaction by its Digital Strategy Department following initial tests in January, the bank is now looking to introduce Ripple’s technology to its worldwide remittances.

The trial came about as part of a Japanese-based scheme involving Ripple and SBI Group, with 37 other institutions participating in the remittance test.

Of these, along with at least 23 more involved in testing Blockchain remittances, the vast majority are Japanese banks, given the “well laid out” nature of Ripple’s network in Japan.

South Korea’s second-largest bank Shinhan was also on board.

“Since the test results were good, there are many banks to be commercialized in Japan," a Woori official commented to ChosunBiz.

“Several banks, such as two or three megabanks and Internet professional banks, are pushing to introduce the practice.”

Ripple has seen a further successful month despite its cryptocurrency asset XRP losing significantly versus all-time highs of early January.

In mid-February, the company announced Western Union was also seeking to leverage its technology to reduce the time and costs associated with its cross-border transfers.

05.03.2018 / 08:49 37
Payment Provider Fleetcor to Pilot Ripple's XRP Cryptocurrency Payment Provider Fleetcor to Pilot
Workforce and fleet payments provider Fleetcor Technologies has become the latest to trial Ripple's xRapid product, which utilizes its custom
South Korean Bank Trials Ripple for Overseas Remittances South Korean Bank Trials Ripple for
South Korea's Woori Bank has reportedly completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San
Liechtenstein Bank Opens Up Cryptocurrency Investment for Clients Liechtenstein Bank Opens Up
A Liechtenstein-based family bank has become one of the first banks in the world that allows clients to directly invest in cryptocurrencies. Making
Cryptocurrency Market Recovers as Bitcoin, Ethereum, et al. Spike 20% Cryptocurrency Market Recovers as
After experiencing a 2-day slump during which the price of most cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash declined
South Korean ‘Big Five’ Bank Completes Ripple Remittance Trial South Korean ‘Big Five’ Bank Completes
Woori Bank, one of South Korea’s biggest banks, has reportedly completed a successful overseas remittance trial enabled by the blockchain technology
South Africa’s Central Bank Launches Ethereum-Based Blockchain PoC South Africa’s Central Bank Launches
The central bank of South Africa has launched a new proof-of-concept (PoC) project to replicate interbank settlements on an Ethereum-based
Comments (0)
Add a comment
Comment on