Woori Bank said on Jan.18 that it is conducting a second round of tests for its new international wire transfer service using Ripple’s blockchain technology.
Woori will check whether the overseas payments on the blockchain were made successfully with three Japanese banks during the trial run. The tests are expected to be completed on Jan. 31. Following the tests, it will receive internal feedback on whether to apply the service for users. This will take at least five to six months.
Ripple say its blockchain-based payment will dramatically cut costs for international fund transfers, and the money can be easily sent in real-time using its settlement technology called xCurrent.
The project is part of a partnership launched in December between Ripple, Korea’s major banks Woori and Shinhan Bank and The Japanese Bank Consortium -- a coalition of 61 banks in Japan led by SBI Ripple Asia -- to launch faster and cheaper payment services for banks.
Ripple, the US fintech startup that is behind Ripple coins, has already partnered with more than 100 global banks and financial firms, including American Express, Standard Chartered and UBS.
By Ahn Sung-mi (firstname.lastname@example.org