Korean banks in Japanese payments tie-up

The Japan Bank Consortium – a coalition of 61 banks in Japan, organised by SBI Ripple Asia – has announced a new Ripple pilot with South Korea’s Woori Bank and Shinhan Bank.

The initiative will be the first time money has moved from Japan to Korea over RippleNet. The consortium will use Ripple’s settlement technology xCurrent to settle transactions between participating banks.

The Japanese consortium has also created a virtual currency and blockchain working group to explore the institutional use case of digital currencies to source on-demand liquidity for such cross-border payments.

Partnering with the Korean banks forms part of the consortiums commitment to modernise global payment systems – specifically in the Japan/Korea corridor – to send money instantly, removing the need for intermediaries.

Emi Yoshikawa, director of partnerships at Ripple, commented: “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.”

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.