According to Chosunbiz, Woori Bank has decided to extend the overseas remittance test using the blockchain technology of Ripple to the 14th of february. Below is reported the translation of the original article in koroean.
A Woori Bank official said, “We were planning to complete the overseas remittance test using ripple technology on the 31st of last month through two tests. One bank in Japan offered to further test the remittance abroad, we will extend the project” he said.
The overseas remittance technology that Woori Bank is testing is applying Ripple’s block-chain-based technology, and the virtual currency ‘XRP’ is not used for overseas remittances.
Overseas remittances using Ripple’s blockchain technology are more cost saving and time efficient than existing international remittances using the SWIFT network. Woori Bank has been working with SBI Ripple Asia of Japan SBI Holdings since December last year to test Ripple’s blockchain technology.
Woori Bank plans to conduct overseas remittance tests with the Bank of Japan this month. If Woori Bank transfers money in Korean Won using blockchain technology, it will check if the Japanese bank has the money in the Japanese yen and the Bank of Japan sends the yen in blockchain technology to the Woori Bank.
In the test, it will be confirmed that overseas remittances will be smoothly carried out under various conditions that were not checked in the previous two tests. In addition, it plans to discuss with the Bank of Japan on whether it will commercialize overseas remittance using ripple block chain technology.
“The last two test results were not bad, but we tested the results under limited conditions, so we will check whether the overseas remittances are successful even under a variety of circumstances,” said Woori Bank official. We will also discuss whether we can do business, “he said.