This article was first published on: Insights – Ripple --
The ability to send money globally in real time has caught fire in the international financial industry. Large banking groups, such as the Japan Bank Consortium, are leading the charge.
The Japan Bank Consortium — a coalition of 61 banks in Japan, organized 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 with a collective market capitalization of more than $30 billion.
This initiative will be the first time money moves from Japan to Korea over RippleNet.
Korean banks committing to the modernization of payments
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 modernize payment systems — specifically in the Japan/Korea corridor where Korea is Japan’s third largest trade partner — to send money instantly, removing the ne...
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