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Amigo

Woori and Shinhan Decide to Extend Ripple Tests to the 14th of February

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http://m.biz.chosun.com/svc/article.html?contid=2018020101187

Translation on reddit seems to match (!)

A Woori Bank official said, 'We were planning to complete the overseas remittance test using ripple technology on the 31st of last month through two tests. One bank in Japan offered to further test the remittance abroad, so we decided to extend the project into the next month.'

The overseas remittance technology that Woori Bank is testing is applying Ripple's block-chain-based technology, and the virtual currency 'XRP' has not yet been used for overseas remittances.

Overseas remittances using Ripple's block chain technology are more cost and time efficient than existing international remittances using the SWIFT network. Woori Bank has been working with SBI Ripple Asia of Japan SBI Holdings since December last year to test Ripple's block chain technology. 

Woori Bank plans to conduct a bank-to-bank overseas remittance test with the Bank of Japan this month. 

The way this works, is that KRW will be sent from South Korean banks to Japanese banks, and after a confirmation of all necessary assets, using Ripple's blockchain technology the KRW will then be switched for JPY in real time.

It is said that this test will confirm whether overseas remittances can be smoothly carried out under various conditions that were not checked in the previous two tests. In addition, it plans to discuss with the Bank of Japan on whether it will commercialize overseas remittance using Ripple's block chain technology.

"The last two test results were satisfactory, but we only tested the software under limited conditions. This next test will show how the remittance technology handles under a wide variety of circumstances. We will also discuss whether we can commercialize the technology."said a Woori Bank Official.

 

Edited by Amigo

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Woori will check whether the overseas payments on the blockchain were made successfully with three Japanese banks during the trial run. The tests are expected to be completed on Jan. 31. Following the tests, it will receive internal feedback on whether to apply the service for users. This will take at least five to six months. 
http://m.theinvestor.co.kr/view.php?ud=20180118000914

Come back in 6 months.

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2 hours ago, Benchmark said:

Come back in 6 months.

6 months!  it's unbelievable how slow these big banks are to test and make a decision.  No wonder these banks are still using outdated analog tech to move money.

 On a separate note I can see Ripple seizing this opportunity 5-10yrs down the line by launching and operating their own banking system and exchanges.  They would eat everyone's lunch in the industry, global domination because their team is tactfully strategic and they execute at a high level at speeds unmatched by any team on this planet.  I believe Ripple will be bigger than Amazon.  

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48 minutes ago, XrpAdvocate said:

6 months!  it's unbelievable how slow these big banks are to test and make a decision.  No wonder these banks are still using outdated analog tech to move money.

 On a separate note I can see Ripple seizing this opportunity 5-10yrs down the line by launching and operating their own banking system and exchanges.  They would eat everyone's lunch in the industry, global domination because their team is tactfully strategic and they execute at a high level at speeds unmatched by any team on this planet.  I believe Ripple will be bigger than Amazon.  

6 months would be pretty damn impressive actually. Heavy ships are hard to maneuver.

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