What Differentiates internet bank oveseas payment from ripples one?

[xman]

http://fintechnews.sg/9413/fintech/8-hottest-neo-challenger-banks-asia/

http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3036326&cloc=joongangdaily|home|newslist1

Korean internet only bank launched and also started providing easier money-transfer service through its mobile messenger KakaoTalk?

They also removed SWIFT transaction fee:

".Kakao Bank, an internet-exclusive bank created through a consortium led by Kakao, the operator of the nation’s most popular messenger application, unveiled its international money transfer service earlier this week. The details of the service disclosed came as a shock to the traditional banking sector as well as consumers as the bank said it will only charge 5,000 won ($4.48) when its customers wire less than $5,000 overseas. For an amount exceeding $5,000, the company said it will charge 10,000 won. The bank will enable customers to send money to 22 countries around the globe, including the United States, Canada, the United Kingdom and Hong Kong"

is this will effect to ripples's marketing ?

[Hodor]

South Korea is definitely an important country in all of crypto, but my perspective on these end-user apps mirrors what Brad Garlinghouse said in one of his interviews - no matter how great the end-user application on the phone, to truly get the costs of international remittances to their lowest possible level, the back-end "plumbing" needs to change. 

And that means using Ripple. 

My guess about Kakao is that they're using some sort of overlay that they custom-built on their own closed banking network or small consortium to provide instant transfers.  Or... maybe they're already using Ripple tech?  I didn't expect it to be used in South Korea so soon, but they do have almost all of the Japanese banks on board. 

[xman]

I am not knowledgeable about technical things involved in XRP. but as a holder of XRP i want to know what the difference between Ripple's over seas paymet and internet bank's payment?

it seems like that In korea they have started overseas payment what XRP have done and is doing for their marketing. does any one know about it?

 

[Guest dfault123]

Settlement will still take time with the Korean bank, even if payments might seem slick from a customer's point of view. They're still forced to deal with 40 year old tech in regards to settlement. That is, if they aren't implementing ripple to their current system. 

Ripple enables settlement in seconds.

[xman]

I checkd the possibility of using Ripple tech but i couldn't. I think you are right ther are using their consortium based banking nenwork .

[xman]

Once when we got the rumor about the internet bank. Many who interested in XRP checked whether it's involved ripples tech or not, but i thought since it would be big news that Ripple insight would post it first.

anyway I will call contact them ask what time it will take for overseas transaction?

 

[Guest dfault123]

9 minutes ago, waytohuman said:

Once when we got the rumor about the internet bank. Many who interested in XRP checked whether it's involved ripples tech or not, but i thought since it would be big news that Ripple insight would post it first.

anyway I will call contact them ask what time it will take for overseas transaction?

 

Ask about the settlement time specifically.

[xman]

38 minutes ago, Hodor said:

South Korea is definitely an important country in all of crypto, but my perspective on these end-user apps mirrors what Brad Garlinghouse said in one of his interviews - no matter how great the end-user application on the phone, to truly get the costs of international remittances to their lowest possible level, the back-end "plumbing" needs to change.

And that means using Ripple.

My guess about Kakao is that they're using some sort of overlay that they custom-built on their own closed banking network or small consortium to provide instant transfers.  Or... maybe they're already using Ripple tech?  I didn't expect it to be used in South Korea so soon, but they do have almost all of the Japanese banks on board.

 
I called them and heard that it would take one day in week and 3 days in the weekend. you are right they are using their consortium banking system but they removed the SWIFT so that can drastiaclly lower the fee.  I saw their website ( Korean only) posted " we are waitng partnership".  i hope ripple would do. In korea 40 millions are usisng that messenger.

 

Edited July 28, 2017 by waytohuman

[jpgt1]

Well done the Korean bank.

As a minimum this should spur other banks to adopt ways to reduce their charges in response, by adopting alternatves to swift, such as ripple and xrp.

[kanaas]

Well done the Korean bank.
As a minimum this should spur other banks to adopt ways to reduce their charges in response, by adopting alternatves to swift, such as ripple and xrp.

Exactly and as they cannot trust all other banks for settlement they have to look for something that works for all... trustless

[kuyu]

5 hours ago, Hodor said:

South Korea is definitely an important country in all of crypto, but my perspective on these end-user apps mirrors what Brad Garlinghouse said in one of his interviews - no matter how great the end-user application on the phone, to truly get the costs of international remittances to their lowest possible level, the back-end "plumbing" needs to change. 

And that means using Ripple. 

My guess about Kakao is that they're using some sort of overlay that they custom-built on their own closed banking network or small consortium to provide instant transfers.  Or... maybe they're already using Ripple tech?  I didn't expect it to be used in South Korea so soon, but they do have almost all of the Japanese banks on board. 

Indeed. Furthermore, the decentralization will simply not be there for them. So at some point they must have centralization in the process, which carries its own set of drawbacks and limitations. For the older centralized model to work significantly faster and/or faster than Ripple, they would require significant automation in processing at each end. The cost and compliance barriers at this stage are too large for them to overcome. 

[kuyu]

Just now, kuyu said:

Indeed. Furthermore, the decentralization will simply not be there for them. So at some point they must have centralization in the process, which carries its own set of drawbacks and limitations. For the older centralized model to work significantly faster and/or faster than Ripple, they would require significant automation in processing at each end. The cost and compliance barriers at this stage are too large for them to overcome. 

Actually, in view of Ripple, I don't even think it would make sense to start working towards something like that..ever. 

[Mercury]

Slightly confused. If they are only using a inter bank consortium to cut out Swift how are they able to send funds overseas? As far as I know there isn't a strong Korean bank presence in Canada- at some point the local bank will have to talk to the foreign bank...

[xman]

I did check but it was true i will check how they did it. But you know well swift is dominating 95% of remittence market for overseas wireing , 5% of bank is using another protocol. 

Edited July 28, 2017 by waytohuman