Ripple successfully tested by the South Korean Bank

According to numerous news from South Korea, the local Bank, Woori Bank has tested the potential Ripple through foreign transfers, the tests were successful.

The news also mentions that for the first time in January, when Woori Bank’s digital strategy Department conducted this test, the results were completed and identified as successful.

In addition, the Bank claims that it wants to focus on the practical training of its branches in foreign currency and IT so that they can be used in view of the new Ripple system.

Does Ripple have a future in the banking environment?

Now a lot of banks are considering the above system, as it is faster to cope with sending money abroad than SWIFT. If you didn’t know, SWIFT is used for all overseas transfers by all major banks, but the main problem with this system is that transfers take a couple of days before they are completed.

However, this does not mean that Ripple will replace SWIFT in a near future. since the new system needs to expand the network, only when this point is met will it be able to give a serious fight to the established and outdated system.

It should also be mentioned that Woori Bank is not the only one testing the new system. The Tokyo SBI Group States that 37 Japanese banks have successfully tested the network. Here are some other banks that are also considering the new system: Siam Commercial Bank and Shinhan Bank.

We will remind that earlier the Ripple has concluded a number of agreements with banks and payment systems.