Japan and Korea to launch XRP-based cross-border payments

Next spring Japanese financial institutions will begin remittance experiments with Korean banks using the technology of Ripple
12 December 2017   2093

The Nikkei, one of the world's largest financial newspapers headquatered in Japan, has reported on December 12 that the Japanese financial institutions, such as SMBC and Resona Bank, are going to launch cross-border transactions with Korean major banks in spring of 2018. The remittance experiments will be based on the technology of Ripple cryptocurrency.

Blockchain technology will be used for multiple transactions and for the participants to share and verify transaction history. This technology is expected to be the trigger for nearly 30% reduction of transaction cost, and for making overseas payments much faster as the users will be able to receive transfer the same day it was made. Cross-border payments between Japan and Korea are claimed to start in spring of 2018.

As it was stated, at first the blockchain technology of Ripple will be used for such transactions, but ultimately the banks aspire to use the XRP currency itself. Once JPY is available to be converted into the virtual currency, the cost of transactions will possibly be reduced by 60% in comparison with the current costs.

It was also reported that Japanese financial services have already finished development of the system and the demonstration experiment is scheduled for the end of January of 2018.

The news were followed by a surge of Ripple price, which rose almost 3% within one hour which consequently lead to the mark of 13% increase within past 24 hours. The price of the coin continues to grow.

At the moment of press, these are main market parameters of Ripple:

  • Average price: $0.27
  • Marketcap: $10 695 451 762
  • 24h volume: $390 910 000

Coinone Exchange to Launch Ripple Based App

Using Cross, residents of South Korea will be able to exchange payments inexpensively with recipients from Thailand or the Philippines
12 December 2018   81

The South Korean Stock Exchange division Coinone launched the Cross payment application using Ripple's xCurrent technology.

The application is focused mainly on residents of the regions with underdeveloped banking infrastructure. According to Coinone Transfer representatives, with the help of Cross, residents of South Korea will be able to exchange payments inexpensively with recipients from Thailand or the Philippines.

To accomplish the task, Coinone will cooperate with the Thai Siam Commercial Bank and the Philippine financial institution Cebuana Lhuillier. In the future, Cross users will be able to transfer funds to any recipient from Thailand through the PromptPay system supported by Mastercard.

According to Ripple, cross-border transfers are extremely popular among South Korean immigrants from Thailand and the Philippines, who in 2017 made transfers of $ 17 billion.