22 May 2018
https://aciworldwide.webex.com

Japanese and Korean banks to test RippleNet for cross-border funds transfers

21 December 2017  |  30411 views  |  0 cryptocurrencies

Japanese and Korean banks are to run pilot trials of real-time cross-border funds transfers over the Ripple network.

The Japan Bank Consortium — a coalition of 61 banks in Japan, organised by SBI Ripple Asia — has announced the launch of a new Ripple pilot with Woori Bank and Shinhan Bank, two of South Korea’s largest banks.

It follows the formation in September of of a partnership agreement with Dayli Intelligence, a subsidiary of Dayli Financial Group, which has previously acted with South Korea’s first blockchain consortium as well as the Ministry of Science and ICT.

Under the terms of the trial, the Japan Bank Consortium will use Ripple’s settlement technology, xCurrent, to settle transactions between participating Japanese banks and Woori Bank or Shinhan Bank.

The pilot solidifies the Japan Bank Consortium’s commitment to modernise payment systems — specifically in the Japan/Korea corridor where Korea is Japan’s third largest trade partner.

“The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor,” says Emi Yoshikawa, director of partnerships at Ripple. “The use of RippleNet to send cross-border payments reinforces that financial institutions are ready to provide a modern payments experience and enable to the Internet of Value.”

With interest in cryptocurrencies surging, the Japanese consortium has additionally created a virtual currency and blockchain working group to explore the institutional use case of alternative assets, such as Ripple's own XRP, to source on-demand liquidity for these cross-border payments.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bloomberg adds altcoin data to Terminal service

Bloomberg adds altcoin data to Terminal service

18 December 2017  |  8135 views  |  0 comments | 5 tweets | 7 linkedin
Axis Bank uses Ripple to open new payment corridors between the UAE and Singapore

Axis Bank uses Ripple to open new payment corridors between the UAE and Singapore

22 November 2017  |  22562 views  |  0 comments | 12 tweets | 27 linkedin
Ripple boss predicts central bank adoption of blockchain

Ripple boss predicts central bank adoption of blockchain

17 November 2017  |  49215 views  |  0 comments | 61 tweets | 44 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border payments

AmEx partners Ripple and Santander for blockchain-enabled cross-border payments

16 November 2017  |  19330 views  |  0 comments | 16 tweets | 43 linkedin
Ripple looks to drive bank adoption with $300m XRP rebate programme

Ripple looks to drive bank adoption with $300m XRP rebate programme

13 October 2017  |  33529 views  |  0 comments | 16 tweets | 6 linkedin
Ripple blockchain network hits 100-member mark

Ripple blockchain network hits 100-member mark

10 October 2017  |  17088 views  |  0 comments | 13 tweets | 15 linkedin
SBI Ripple Asia advances on South Korea

SBI Ripple Asia advances on South Korea

19 September 2017  |  17269 views  |  0 comments | 16 tweets | 1 linkedin
Ripple and R3 trade blows in legal dispute

Ripple and R3 trade blows in legal dispute

11 September 2017  |  12255 views  |  1 comments | 4 tweets | 5 linkedin
BofE says Ripple PoC reinforces desire for DLT compatibility

BofE says Ripple PoC reinforces desire for DLT compatibility

10 July 2017  |  18711 views  |  0 comments | 17 tweets | 12 linkedin
SBI and Siam Commercial Bank open cross-border remittance rail using Ripple

SBI and Siam Commercial Bank open cross-border remittance rail using Ripple

30 June 2017  |  13353 views  |  0 comments | 13 tweets | 11 linkedin
BBVA runs live funds transfers over Ripple

BBVA runs live funds transfers over Ripple

21 April 2017  |  20293 views  |  0 comments | 35 tweets | 20 linkedin
After trashing Swift gpi, Ripple hires its biz director

After trashing Swift gpi, Ripple hires its biz director

13 April 2017  |  16927 views  |  1 comments | 10 tweets | 8 linkedin
Ripple lands first Middle Eastern bank

Ripple lands first Middle Eastern bank

01 February 2017  |  19356 views  |  0 comments | 17 tweets | 10 linkedin
SEB to build Ripple-flavoured blockchain payments network

SEB to build Ripple-flavoured blockchain payments network

07 November 2016  |  12844 views  |  1 comments | 13 tweets | 14 linkedin
Japanese banks flock to blockchain consortium

Japanese banks flock to blockchain consortium

01 November 2016  |  15167 views  |  0 comments | 23 tweets | 15 linkedin
Banks test Ripple digital asset for cross-border payments

Banks test Ripple digital asset for cross-border payments

20 October 2016  |  10068 views  |  0 comments | 10 tweets | 10 linkedin
Japanese bank consortium to build new payments network with SBI Ripple Asia

Japanese bank consortium to build new payments network with SBI Ripple Asia

23 August 2016  |  13444 views  |  0 comments | 24 tweets | 19 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit aciworldwide.webex.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9138 views comments | 15 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8057 views comments | 6 tweets | 5 linkedin
Former JPMorgan blockchain leads unveil new startupFormer JPMorgan blockchain leads unveil ne...
7889 views comments | 2 tweets | 2 linkedin
Worldline to acquire SIX Payment ServicesWorldline to acquire SIX Payment Services
7415 views comments | 14 tweets | 25 linkedin
Deutsche Bank acquires Indian Open Banking software house Quantiguous SolutionsDeutsche Bank acquires Indian Open Banking...
6958 views comments | 10 tweets | 8 linkedin

Featured job

Find your next job