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Finance

Japan-South Korea blockchain payments enter trials Friday

Banks hope Ripple tech slashes costs 30%, allows same-day funds transfer

TOKYO -- Banks in Japan and South Korea begin tests Friday of blockchain technology from U.S. developer Ripple, aiming to achieve same-day international funds transfer while cutting costs by nearly 30%.

SBI Ripple Asia, part of SBI Holdings, leads a group of 61 Japanese banks spearheading the trials. DAYLI Intelligence, a Seoul-based provider of blockchain solutions, takes the lead on the South Korean side. The tests will involve many of the Japanese financial institutions including Sumitomo Mitsui Banking Corp. and Resona Bank as well as two major South Korean banks.

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