According to media reports, Woori Bank held a cross-border test transactions using a distributed registry DLT (digital ledger technology) Ripple.
As writes the South Korean business is an online resource ChosunBiz, the final stage of testing will coincide with the announcement of plans to commercialize its own platform Bank on the basis of Ripple, which should happen this year. In addition, the test translations complete the second phase of the trial.
The Bank’s participation in the trial test of the DLT is part of a larger program initiated by the Japanese company SBI Group. The program aimed at the modernization of technology TRANS-border transactions through the removal process of correspondent banks.
In addition to Woori, participate in tests Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, as well as banks, Shinhan (South Korea) and Siam Commercial Bank (Thailand). Monitoring and ensuring transfers are carried out SBI Ripple Asia, the joint venture Ripple and SBI Group.
Recall that technology Ripple actively tested not only in the Asian market. In late February, the canadian financial company Cambridge Global Payments has announced the introduction of a transaction mechanism on the basis of the developed Ripple ON xRapid.