SBI Ripple Asia started cross-border payments testing

Ripple shows huge price jump on the background of this event 
15 December 2017   664

Created by SBI Ripple Asia, a consortium of 61 banks announced the beginning of testing of Ripple blockchain for cross-border payments.

Two large South Korean financial institutions participate in the pilot project - Woori Bank and Shinhan Bank, with total market capitalization exceeding $ 30 billion. As reported on the company's website, cross-border payments between Japan and South Korea through a distributed RippleNet network are being implemented for the first time.

According to representatives of the consortium, Ripple technology can significantly reduce the costs of cross-border payments, eliminate intermediaries and make transactions instant.

In addition, the Japanese banking consortium created a working group that will study the possibilities of blockchain and XRP for institutional market participants. 

The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor. The use of RippleNet to send cross-border payments reinforces that financial institutions are ready to provide a modern payments experience and enable to the Internet of Value.
 

Emi Yoshikawa
Director of partnerships, Ripple

South Korea is the third most important trading partner of Japan. In case of successful test results, the first real cross-border payments between these countries will be implemented in the spring of 2018.

It is also worth noting that, against the backdrop of positive news from Asia, Ripple's crypto currency is demonstrating staggering growth. Over the past seven days the price of XRP has increased by 200%.

 Top 5 cryptocurrencies
Top 5 cryptocurrencies

Ripple was able to push down Bitcoin Cash from the 3rd spot.
At the moment of press, these are main XRP market parameters:

  • Average price $0,784776
  • Market Cap $30 401 551 136
  • 24h Volume $6 202 070 000

XRP is most traded at:

  1. Bithumb 29.97%
  2. Poloniex 11.75%
  3. Bittrex 11.19%

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   120

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.