The main bank of Japan, The Bank of Tokyo-Mitsubishi UFJ, announced on Friday, November 9th that it will implement a cross-border payment system with the Ripple platform.
The objective is to make transactions between the head office in Tokyo and its subsidiary in Brazil faster and safer. As indicated from the bank, “the cross border payment software developed by Ripple uses the Interledger Protocol, an Internet protocol that provides a pre and post-settlement messaging function, and allows the settlement and delivery of funds in real time.”
Once the agreement enters into force, the bank will consolidate its position in the financial system as a leader in efficiency. It is important to note that after the launch of xRapid several weeks ago, the company’s valuation and its public image have experienced a considerable improvement.
In the past, the Bank of Tokyo-Mitsubishi UFJ had shown interest in the Ripple blockchain project as a much faster alternative to the Swift system.
The agreement offers notable advantages in terms of the absence of intermediaries, reduction in the time of transactions and, consequently, of the costs for procedures, in addition to the creation of a payment network between branches.
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