The South Korean bank Woori Bank intends to introduce international "commercialized" transfers based on Ripple, a transfer powered by cryptocurrency network, local news agency ChosunBiz reports on Friday, March 2.

Following positive tests carried out by its Digital Strategy department following initial tests in January, the bank is now looking to introduce Ripple's technology into its global market.

The lawsuit was held as part of a Japan-based program involving Ripple and SBI Group, along with 37 other institutions participating in the fund transfer test.

Of these, with at least 23 more involved in the Blockchain remittances test, the vast majority are Japanese banks, given the [well-developed] nature of the network of Ripple in Japan

Shinhan was also on board

"As the test results were good, there are many banks to market in Japan", an official of Woori commented on ChosunBiz. ]

"Several banks, such as two or three megabanks and professional banks on the Internet, are pushing to introduce the practice."

Ripple had another successful month despite his cryptocurrency advantage. XRP loses significantly against historical records in early January

Mid-February, the company announced that Western Union was also looking to leverage its technology to reduce the time and costs associated with its cross-border transfers.