 | | Insights Beyond the Headlines | | Japanese and Korean banks are planning to test Ripple for cross-border transfers The Japan Bank Consortium will run a Ripple test with two of South Korea's largest banks, according to Finextra.
During the trial, the Japan Bank Consortium will utilize 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 alternative assets, such as Ripple's own currency, XRP.
While Ripple can potentially become a major player in cross-border transactions, the remittance space is currently dominated by other players.
The Digital Remittance Report from BI Intelligence analyzes the global remittance market as it currently stands by examining how digital challengers are changing the industry and what legacy players are doing to hold them off. The report also discusses what the future may hold as a result of the potential MoneyGram acquisition, which could completely disrupt the traditional remittance model.
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