Topic: [2018-02-01] Woori and Shinhan Decide to Extend Ripple Tests (Read 91 times)

A Woori Bank official said, 'We were planning to complete the overseas remittance test using ripple technology on the 31st of last month through two tests. One bank in Japan offered to further test the remittance abroad, so we decided to extend the project into the next month.'

The overseas remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'XRP' has not yet been used for overseas remittances.

Overseas remittances using Ripple's block chain technology are more cost and time efficient than existing international remittances using the SWIFT network. Woori Bank has been working with SBI Ripple Asia of Japan SBI Holdings since December last year to test Ripple's block chain technology.

Woori Bank plans to conduct a bank-to-bank overseas remittance test with the Bank of Japan this month.

The way this works, is that KRW will be sent from South Korean banks to Japanese banks, and after a confirmation of all necessary assets, using Ripple's blockchain technology the KRW will then be switched for JPY in real time.

It is said that this test will confirm whether overseas remittances can be smoothly carried out under various conditions that were not checked in the previous two tests. In addition, it plans to discuss with the Bank of Japan on whether it will commercialize overseas remittance using Ripple's block chain technology.

"The last two test results were satisfactory, but we only tested the software under limited conditions. This next test will show how the remittance technology handles under a wide variety of circumstances. We will also discuss whether we can commercialize the technology." said a Woori Bank Official.

Source : http://biz.chosun.com/site/data/html_dir/2018/02/01/2018020101187.html#csidx050f040eee30692a47621c9a5f0e576
Translation : https://www.reddit.com/r/Ripple/comments/7ukgjo/woori_and_shinhan_decide_to_extend_ripple_tests/