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Japanese and South Korean banks begin testing Ripple for same-day transfers

December 14, 2017

Major Japanese and South Korean banks have launched a new trial that will see firms leverage Ripple’s interledger to power same-day fund transfers.

Ripple has enjoyed a more pensive 2017 in comparison to some digital currencies, though now news has emerged that SBI Ripple Asia and DAYLI Intelligence are leading a new initiative that might well be fuelling the virtual currency’s recent gains.

As of December 13th, banks in both Japan and South Korea have launched new tests that will leverage the Ripple interledger and Ripple’s XRP token to power same-day international transfers that offer discounts of up to nearly 30% on transaction fees.

Read: Trump authorizes a new Department of Defense study on the blockchain

Nikkei reports that should the test prove successful, Ripple’s payment system could ferry consumer funds between Japan and South Korea as early as Spring of 2018 in a bid that could see transaction fees slashed by as much as 60%.

Ripple’s price remains buoyant in the wake of the announcement, having risen to $0,5464 USD.

Other entities have expressed interest in Ripple’s technology this year; the Bill and Melinda Gates Foundation recently tapped into Ripple’s Interledger Protocol to develop a new mobile payments solution dubbed Mojaloop – a new offering that promises to connect banks, mobile wallets, and merchants.

Similarly, American Express recently announced a new payment initiative that leverages Ripple to send instantaneous payments across borders, providing corporate customers in the United States with an easy mechanism to transfer trackable funds to commercial entities in the United Kingdom.

The price of Ripple’s XRP token has risen following the announcement that Ripple itself has committed to placing some 55 billion tokens in a cryptographically-secure escrow to create certainty in the market.

Read: Bank of America has been awarded a patent for a new cryptocurrency exchange system

What are your thoughts? What lies in store for Ripple and XRP in the near future? Be sure to let us know your opinion in the comments below!

Follow Bryan Smith on Twitter: @bryansmithSA