The consortium was projected between SBI Holdings and SBI Ripple Asia in August 2016 and the working group was created to focus on blockchain-based payment and settlement services. More specifically, the group sought to address the increasing new trend of real-time and round-the-clock settlement options. Another core objective saw the exploration of small-value remittance and cross-border remittance services.
Officially titled “The Japan Bank Consortium to Central Provide Domestic and Cross-Border Payment”, the working group initially planned to have 15 member banks. However, positive response from several financial institutions in Japan sees the Consortium launch with 42 member banks that include non-international regional financial institutions as well as digital or internet-only banks.
As core objectives, the Consortium will promote discussion, from both technical and operational perspectives, on activities required in domestic and foreign exchange services to utilize blockchain and other new technologies. Furthermore, the inclusion of regional banks will see the consortium drive toward a common platform that consolidates both domestic and foreign exchange services.
SBI Ripple Asia will serve as the consortium’s secretariat and according to CryptoCoinsNews Ripple’s expertise in developing a blockchain platform for remittance could be influential in the Japanese banking industry’s foray into shaping a blockchain-powered payments infrastructure.
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