SBI Ripple Asia to Trial Cross-Border Blockchain Funds Transfersbr>
SBI Ripple Asia will be testing a blockchain-based funds transfer system by the end of this year between Japanese and South Korean banks.
Formed in 2016, SBI Ripple Asia manages a consortium of more than 60 Japanese banks who leverage Ripple’s enterprise blockchain technology for instant payments and settlement. Earlier this year, SBI Ripple Asia completed a pilot implementation of Ripple in Japan using a cloud-based payments platform and said that it will move into commercial phase.
Building on the experience gained from experiments conducted in Japan, SBI Ripple Asia will work with blockchain technology provider DAYLI Intelligence, a subsidiary of DAYLI Financial Group, to enable instant cross-border payments between customers in Japan and South Korea, as well as other global markets.
The payments trial using digital currency will run on blockchain, which involves having participants confirm a transaction by comparing their own copies of the register logging all transactions within a system. SBI Ripple Asia said that the blockchain-powered payments solution will enable round-the-clock settlement at a significant savings to both banks and consumers across the region.
“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets,” said SBI Ripple Asia CEO Takashi Okita. “With trade flows into and out of the country totaling $960 billion every year, we also see a high and growing demand for Ripple’s frictionless payments solution in the country. DAYLI Intelligence – a leading FinTech firm – will help us to better serve our customers there.”
“Our partnership with SBI Ripple Asia builds on our previous collaborations, including with South Korea’s first blockchain consortium as well as the Ministry of Science and ICT,” said DAYLI Intelligence CEO Kyoung June Eee. “We are proud to work with SBI Ripple Asia to bring Ripple’s innovative payments solution to the Korean market in order to enable businesses to send and receive payments quickly and efficiently.”