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Woori bank confirmed to start 2nd pilot on 1/31/2018

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4 minutes ago, goblockchain said:

Please use google to translate.

Woori Bank will conduct a second overseas remittance test using block chain technology of Ripple, an American start-up company. In this test, Woori Bank used the block chain technology with three Japanese banks to conduct overseas remittances, and confirms whether the transactions were conducted correctly. 

A Woori Bank official said, "We conducted the 2nd test of the overseas remittance on the afternoon of the previous day." We plan to finalize the test on the 31st after having a technical workshop on 25-26th. " Woori Bank announced in December that it will cooperate with SBI Ripple Asia of Japan SBI Holdings and carry out the test of interlocking technology of Ripple's block chain.


원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx9518e53635b620eacd553f45f1e33b9

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"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx0ddf9e0667a6dd9a66b16f861d05cc9

 

Ripple insights:

"What’s more, the Japan Bank Consortium 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."

 

I hope they really create that working group.  

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2 minutes ago, LeGonze said:

"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx0ddf9e0667a6dd9a66b16f861d05cc9

 

Ripple insights:

"What’s more, the Japan Bank Consortium 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."

 

I hope they really create that working group.  

Appears that the article is not clear. 

In the press, 

"Woori Bank will conduct a second overseas remittance test" and then "A Woori Bank official said, "We conducted the 2nd test of the overseas remittance on the afternoon of the previous day"

My understanding is first one is meant for xRapid and the latter is for xCurrent.

Based on the previous article, https://www.bitsonline.com/japanese-korean-ripple-pilot/

"If the trial run is successful throughout December, then cross-border payments between the Japanese and South Korean banks will commence on January 31st, 2018"

This is why I wrote "as planned" :)


원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx6855cd130b4fbc39ef171c103dfa595

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Just now, goblockchain said:

Appears that the article is not clear. 

In the press, 

"Woori Bank will conduct a second overseas remittance test" and then "A Woori Bank official said, "We conducted the 2nd test of the overseas remittance on the afternoon of the previous day"

My understanding is first one is meant for xRapid and the latter is for xCurrent.

Based on the previous article, https://www.bitsonline.com/japanese-korean-ripple-pilot/

"If the trial run is successful throughout December, then cross-border payments between the Japanese and South Korean banks will commence on January 31st, 2018"

This is why I wrote "as planned" :)


원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx6855cd130b4fbc39ef171c103dfa595

But on the same article they are stating this:

"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

 

And in the Ripple insights they state that they are actually testing xCurrent, But stated that they created a working group to explore crypto usage.

 "What’s more, the Japan Bank Consortium 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."

https://ripple.com/insights/top-korean-banks-work-japan-bank-consortium-modernize-cross-border-payments/

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36 minutes ago, LeGonze said:

But on the same article they are stating this:

"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

 

And in the Ripple insights they state that they are actually testing xCurrent, But stated that they created a working group to explore crypto usage.

 "What’s more, the Japan Bank Consortium 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."

https://ripple.com/insights/top-korean-banks-work-japan-bank-consortium-modernize-cross-border-payments/

Current testing, phase 1 is for xCurrent meaing without XRP.

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"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx0ddf9e0667a6dd9a66b16f861d05cc9
 
Ripple insights:
"What’s more, the Japan Bank Consortium 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."
 
I hope they really create that working group.  
I though they said that initially they would not use xRapid/XRP, but that by the end of January they would test it?

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Yep, testing xCurrent and will roll that out and work with the Japanese bank consortium on utilizing XRP next. I believe they said testing for that phase could start in the fourth quarter of 2018 in earlier commentary by SBI.

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1 hour ago, LeGonze said:

But on the same article they are stating this:

"The foreign remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'ripple' is not used for overseas remittances."

 

And in the Ripple insights they state that they are actually testing xCurrent, But stated that they created a working group to explore crypto usage.

 "What’s more, the Japan Bank Consortium 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."

https://ripple.com/insights/top-korean-banks-work-japan-bank-consortium-modernize-cross-border-payments/

Doesn't matter guys, the fact that they are testing is GREAT news in a long line of many to come. The first step for in this case Woori to partially abandon the old system and bring up a seperate remittence channel (or actually one in parallel) is the biggest hump. Once you have done that and tested blockchain speeds, it will not be that much more to convince the board of testing that other option (XRapid) as well. If Ripple built there product line well (which I think they did), that upgrade will be made very easy.

Next to this, I'm sure Ripple and SBI Asia have mapped out a long time ago which corridors to Japan have no direct trust relation and/or up untill now needed to go through slow and expensive correspondent bank channels. I bet Ripple and SBI Asia are talking to the banks at the other side of those corridors, and so the network effect is already starting. 

Edited by Amigo

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It will take time.   Excerpt from same article --

".. Even if the test is successfully completed, it will take time for our bank to actually apply it to overseas remittances. Woori Bank's position is that it takes at least five to six months to make a policy decision based on the evaluation of related departments according to the test results.

A Woori bank official said, "After the test is over, we will hear the feedback from related departments such as technology and foreign exchange and make a final decision, so policy decisions will be made by the end of the first half of this year. "It will be at the end of the year that block chain technology is actually applied to overseas remittances because of the process."
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidxe89c8812ffb3d6484b6d5dd81ba5969

Obviously Woori Bank is a Swift member bank. So the ultimate decision gets muddled. Swift is also testing out it's version of blockchain payment transfer. we'll see how Swift's blockchain development/ test phase results. At the same time, new technology gives Woori Bank the choice to leave Swift Network. But again these things that time. Ok back to my Netflix movie..

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3 hours ago, goblockchain said:

Please use google to translate.

Woori Bank will conduct a second overseas remittance test using block chain technology of Ripple, an American start-up company. In this test, Woori Bank used the block chain technology with three Japanese banks to conduct overseas remittances, and confirms whether the transactions were conducted correctly. 

A Woori Bank official said, "We conducted the 2nd test of the overseas remittance on the afternoon of the previous day." We plan to finalize the test on the 31st after having a technical workshop on 25-26th. " Woori Bank announced in December that it will cooperate with SBI Ripple Asia of Japan SBI Holdings and carry out the test of interlocking technology of Ripple's block chain.


원문보기: 
http://biz.chosun.com/site/data/html_dir/2018/01/17/2018011702555.html#csidx9518e53635b620eacd553f45f1e33b9

Hello XRP Hodlers,

Let me summarize:

First off, the reporter is confusing readers including us. Please do not bother to read the article :)

1. Current testing of xCurrent is completed 

2. xRapid testing is scheduled on 1/31/18 or right after - as scheduled based on previous articles - This is what we all have been looking for!

3. Actual implementation of xRapid will takes 5 ~ 6 months. I.e., Remittance service for customer will be live after 5 ~ 6 months. 

Best,

`

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