South Korean Woori Bank has completed a test series of international transfers on the basis of technologies of distributed registries (DLT) developed by Ripple.
According to local business publication ChosunBiz, the first time the Bank has tested technology of Ripple at the end of January, and the current tests represent the second phase. The third stage, commercialization platform based on Ripple should happen this year.
The Bank’s participation in a pilot project to test payments on the basis of the DLT is part of a broader initiative involving some 60 Japanese banks, under the coordination of the SBI Group.
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In September last year SBI Ripple Asia, a joint venture Ripple and financial giant SBI, said that it will begin testing of international money transfers on the basis of the Ripple between the Japanese and South Korean banks by the end of 2017. The goal is to start using DLT in real life and increase the efficiency of international transfers, reducing the number of Bank intermediaries.
This initiative involved some of the biggest Japanese banks, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.
ChosunBiz reports that the project also involved banks from South Korea’s Woori and Shinhan, and Siam commercial Bank from Thailand.