Woori Bank intends to install overseas remittances via Ripple as a commercial option this year after carrying out the initial test in late January
Woori Bank of South Korea has successfully tested overseas remittance via Ripple, according to a report in the business section of Chosun News.
The Digital Strategy Department of the bank carried out the initial test in late January, and a further test earlier this month. The bank will now focus on practical training of its foreign exchange and IT departments in the use of the new system.
Remittance is the fancy word for ‘sending money overseas’. Ripple uses a blockchain version of the ancient Arab trading system of hawala to make money appear at its destination instantly. The SWIFT network, which is the most widely-used money transfer service, takes days to process a payment. The advantage is clear.
According to Tokyo-based SBI Group, 37 Japanese banks also tested the service. Other banks involved included Shinhan Bank of South Korea and Siam Commercial Bank of Thailand.
Woori Bank intends to install overseas remittances via Ripple as a commercial option this year. An official said: “The issue of overseas remittance fees is a matter for discussion, but it is much quicker and cheaper than existing remittances… In the future, the customer will choose the most advantageous overseas remittance method.”