South Korean banks are interested in using blockchain for remittance globally, and they are developing ways of using Ripple for quick and safe cross-border remittance, according to Andy Nam, chief information officier of the Standard & Chartered Bank in Korea.
He made the statement in the global conference titled Inside Fintech with Blockchain Agenda, Thursday at the KINTEX in South Korea’s Ilsan City, about 35 kms north of Seoul.
Ripple connects banks and payment providers via Ripple Net to provide one frictionless experience to send and receive money globally. Ripple Net runs on the most advanced blockchain technology. It is scaleable, secure and interoperates with different networks.
Ripple Net says in its home page that “In a world where three billion people are connected online, cars drive themselves and applances can communicate, global payments are still stuck in the disco era. Why? The payment infrastructure was built before the Internet with few updates.
