Japanese and South Korean banks join RippleNet for cross-border payments

Thus, the Japan Bank Consortium, organized by SBI Ripple Asia in August 2016 and counting over 60 banks in Japan, has launched a new Ripple pilot with Woori Bank and Shinhan Bank, two large South Korean banks. The trial will use Ripple’s settlement technology, xCurrent, to settle transactions between participating Japanese banks and South Korean banks.

The project will mark the first time money moves from Japan to Korea over RippleNet. It aims to send money instantly, removing the need for intermediaries. Furthermore, according to the announcement from Ripple, the Japan Bank Consortium has created a virtual currency and blockchain working group to explore the institutional use case of digital currencies, such as XRP, to source on-demand liquidity for these cross-border payments.

In recent news, SBI Ripple Asia signed a partnership agreement with large credit card companies in Japan ?in a bid to bring Ripple’s enterprise blockchain solutions to the Japanese market of payment cards.