TOKYO — Japan’s three megabanks are working on a framework for instant international payments that uses blockchain technology on top of existing payment infrastructure, with a view to commercial use next year, Nikkei has learned.
Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group will begin testing the solution this fall with more than 10 other lenders in Japan and overseas. The banks plan to implement it primarily for business-to-business transactions, such as trade settlement, with the possibility of consumer use in the future.
