Ripple successfully tested by South Korean bank

According to numerous news from South Korea, the local bank Woori Bank checked the possibilities of Ripple with the help of foreign transfers, the tests were successful.

The news also mentions that for the first time in January, when Woori'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 preparation of its branches in foreign currency and IT so that they can be used in the light of the new Ripple system.

Is there a future for Ripple in the banking environment?

Now a lot of banks are considering the aforementioned system, since it copes with sending money abroad rather than SWIFT. If you did not know, SWIFT is used for all foreign transfers by all major banks, but the main problem with this system is that the transfers take a couple of days before they are completed.

However, this does not mean that Ripple will be able to replace SWIFT in the near future., Since the new system needs to expand the network, only if this item is implemented will it give a serious battle to an established and outdated system.

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

Recall that previously Ripple concluded a number of agreements with banks and payment systems.

Author: Andrey, analyst Freedman Club Crypto News

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