South Korea Bank Plans Ripple Remittance by 2019
South Korea Woori Bank planning to commercialize international remittances based on Ripple. Ripple, the strong cryptocurrency powered remittance network. Recently, it is been increasingly used by banks for payment network. As it is based on shared and public database or ledger which uses a consensus process that allow for payment exchange and remittance in a distributed manner. As per report, Woori Bank has tried international trial test using the distributed ledger technology (DLT).
The first trial was happen in the end of January, now they mark the second trial. This test trial was conducted as per the bank’s digital strategy department plans to commercialize the Ripple-based platform this year.
The test trial was part of the Japanese-based scheme including Ripple and SBI group with other 37 institutions taking part in the remittance test.
All of this at least 23 and more were involved in testing blockchain remittances. Majority of the banks are from Japan, owing to the well planned nature of Ripples network in Japan, in Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.
Meanwhile, Woori Bank Official commented as per ChosunBiz
“Since the test results were good, there are many banks to be commercialized in Japan. Several banks, such as two or three megabanks and Internet professional banks are pushing to introduce the practice.”
Despite, Ripples XRP asset for a short-term loses significant all-time-high in the early of January; it’s still seeing enough of growth in the consequent months. The company has declared that the Western Union also associating with them to leverage its technology for cross-border transfers.
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