Two of South Korea’s Largest Banks Will Experiment With Ripple Technology

Big things are happening in the world of Ripple these days. Not only do we see a solid price gain, but the ecosystem is growing at an accelerated pace. More specifically, the top Korean banks want to work with this technology moving forward. A new partnership with the Japan Bank Consortium will help this dream come to fruition. Modernizing cross-border payments is the number one objective for all parties involved.

It is quite interesting to see how things are evolving in South Korea. Not only is there a growing interest in cryptocurrency, but the demand for new banking services is increasing as well. Sending money globally in real-time is an option well worth exploring. Up until now, there has not been any form of service or product that made such a thing possible. Ripple has set an interesting trend in this regard, to say the very least.

More Positive Momentum for Ripple
After receiving major support from the Japan Bank Consortium, it seems Korea wants to get on board too. More specifically, there is a new pilot involving Woori Bank and Shinhan Bank. These are two of the country’s largest financial institutions. They will collaborate with the Japan Bank Consortium to trial Ripple technology. This focus on cross-border payments is pretty significant, as it further validates this technology. It will also be the first time money moves from Japan to Korea using RippleNet.

Ripple director of partnerships Emi Yoshikawa comments:

“The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor. 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.”

Modernizing global payments is not an easy feat by any means. It requires a different type of technology compared to what is used by banks today. Ripple offers a more than solid solution, in this regard. Their solution has been greatly appreciated by the Japan Bank Consortium already. Whether or not this technology can make an impact in South Korea, remains to be determined. It is great news for Ripple and its technology, though.

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