Three major Japanese banks will trial a money transfer service with tech giant Fujitsu.
Fujitsu announced an agreement with Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group to conduct a joint field trial of a person-to-person money transfer service using blockchain technology. The trial will begin in January 2018 and last for about three months. Fujitsu has already initiated development of the trial system.
A cloud-based blockchain platform will be set up for money transfers between individuals that can be jointly used by the three major banks, as well as a smartphone application that allows users to easily handle the different steps for sending money and for making deposits and withdrawals.
Cashless Drive
As both the banks and technology firms in the county push for an increasingly monetarily diverse, cashless society, Fujitsu and the banks will verify that this system can seamlessly link a money transfer account for individuals set up on this platform with the user's actual bank account.
The field trial will additionally confirm whether the new platform can accurately and securely handle a series of processes, including transferring value between money transfer accounts for individuals, as well as clearing and settlement.
