Woori Bank has successfully completed testing of a money transfer using the technology of Ripple. The Department of digital strategy, responsible for the tests, expressed a positive attitude towards implementation of technology in practice. It is expected that cross-border money transfers using the Ripple will be introduced this year, and as soon as possible.
The Department’s digital strategy has completed the first additional test of the technology by the end of January, the second by mid-February.
According to the SBI Group and Woori Bank, international money transfers the test was attended by 37 banks, which was attended by Woori Bank. The Ripple network was well represented in Japan, so the Japanese banks were very involved in the test. Among non-Japanese banks participated in the tests received Woori Bank, Shinhan Bank and Siam Commercial Bank in Thailand. Besides Woori Bank two or three Japanese commercial banks and institutions Internet banking is positively considering the introduction of this technology in practice.
According to industry sources, when the internal Bank transfers money, the Japan Bank for using the technology of Ripple, the transfer happens in real time. The Bank of Korea informs you that it sends the client in the Bank B in Japan, 10,000 yen, and if the Bank B confirms that the customer is a customer in Bank B, is transmitted. If you use an existing SWIFT network between banks-recipients and recipients was intermediate banks, which took an average of two to three days.
However, even with the introduction of foreign technology transfers with the use of ordinary solutions are unlikely to completely replace the current network of Swift. Compared to the Swift network, which is distributed worldwide, there are areas where the distribution of Ripple is limited.
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