The Japanese company, which is also a R3 member, along with SBI Holdings, intends to use Ripples payment solutions to explore how cross-border payments could be conducted between the financial institutions. The project involves also R3 that acts as a consultant.
Ripple’s representatives said that the trial’s aim is to have real payment information, and eventually, real funds, moved between the companies. The startup, which has raised USD 38.6m to date, said the test could become live before December 2016.
The trial is the latest by Mizuho that will focus on settlement, following a testing pilot announced in March 2016 in which it used the Open Assets protocol, a top-level protocol on the Bitcoin blockchain, for cross-border securities settlement. According to oindesk.com, that test included participation from Fujitsu and Fujitsu Laboratories and comes amid a broader exploration of blockchain technologies by Asia-based financial institutions.
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