South Korean Woori Bank has completed the testing of the cross-border settlement system based on the distributed registry technology provided by Ripple. This is written by CoinDesk with reference to local media.
According to their information, the commercial development of the Ripple technology was decided by the Bank’s Digital Development Department last year. The current stage of testing was already the second, and the initial integration of the systems was carried out in January.
Woori Bank’s participation in the testing of Ripple technology is part of a larger project involving 60 Japanese banks.
SBI Ripple Asia, a joint venture between Ripple and the financial corporation SBI, announced in September of last year its intention to test cross-border payments using blockсhain and attracting leading banks in Japan and South Korea. It is expected that the proposed solutions will reduce the costs associated with the mediation of various financial structures and accelerate the process of processing cross-border payments.
According to the September report, such large Japanese banks as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group showed interest in the initiative.
Earlier it became known that the solution from Ripple using the XRP cryptocurrency decided to test the provider of payment solutions Fleetcor.