SBI Ripple Asia intends to use blockchain technology for cross-border transactions between South Korean and Japanese banks. The start of the pilot project is scheduled for the end of this year, writes the Nikkei Asian Review.
The project participants are confident that the transition of interbank cross-border payments in the blockchain allows them at any time of the day and will lead to a significant reduction in operating costs.
The publication notes that financial institutions in South Korea as a whole show considerable interest in the use of technology distributed registry in the banking sector.
SBI Ripple Asia and its parent structure are also going to start a training program of specialists in the field of technology of the distributed registry in October this year. One of the first of its wish to participate in the program, said Research Institute Nomura and company Toppan Printing and NEC.
Recall that the pilot project is based on the results of the technology testing of the distributed registry Ripple Japanese banks in March this year.
SBI Ripple Asia was established in the early of 2016 as a result of strategic partnership Ripple and SBI Holdings.