BANKING TECHNOLOGY | Staff Reporter, Japan

Japanese banks to use blockchain for domestic and international payments

This is after a successful pilot programme for a cloud-based payments platform.

According to CNBC, a consortium of Japanese banks is planning to use distributed ledger technology — better known as blockchain — from a Google-backed fintech start-up to make domestic and international payments.

This follows a successful implementation of a pilot program, where the 47-member consortium used technology from blockchain start-up Ripple for a cloud-based payments platform called RC Cloud. The platform allows member banks to do real-time money transfers in Japan as well as make cross-border payments at a significantly lower cost.

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