• Thu. Dec 1st, 2022

completed the verification of overseas remittance technology

Bywiret

Oct 20, 2022

NH Nonghyup Bank announced on the 20th that it has completed the verification of overseas remittance technology using the central bank’s digital currency (CBDC) response pilot system.

In this overseas remittance technology verification, a technology called “HTLC (Hashed Time Lock Contract)” was used to enable digital asset exchange based on different blockchain.

Blockchain-based overseas remittances have the advantage of saving time and money. Unlike overseas remittances through the current Swift network, relay banks do not intervene, allowing overseas remittances to be completed within 30 seconds without fees.


Nonghyup Bank announced on the 20th that it has succeeded in verifying overseas remittance technology through blockchain.
Kwon Joon-hak, president of Nonghyup Bank, said, “We plan to expand research and development to provide new and convenient digital financial experiences to customers by using blockchain technology.”

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