SBI Ripple Asia, Japan Payment Card Consortium to fight payment fraud

Friday 23 November 2018 11:34 CET | News

SBI Ripple Asia and the Japan Payment Card Consortium have announce their intention to combat fraud by using blockchain technology.

The proof of concept (PoC) will not only share information, but it will also provide nine credit card issuers and two payment-card technology providers. These issuers include American Express, Aeon Credit, Epos Card, Orient, Credit Saison, TD, JCB, Toyota Finance, Sumitomo Mitsui Card, Sumitomo Mitsui Trust Club, TIS and Hewlett-Packard Japan. The PoC will be conducted on R3’s blockchain platform, Corda.

The companies are meant to share information on a real-time basis among related parties using blockchain, and this information will only be distributed among the participating card companies. However, the consortium is meant to spread information with others, including merchants and payment service providers (PSPs), in the future.

The consortium will utilise the HPE Mission Critical Distributed Ledger Technology (DLT) Lab as the test environment, which is provided by a Corda-optimised HPE Integrity NonStop server. Moreover, by using blockchain, this consortium has the purpose to facilitate the operational efficiency of participating companies, as well as to reduce social costs in a cashless society.

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Keywords: SBI Ripple Asia, Japan Payment Card Consortium, fraud, merchants, PSP, DLT, blockchain, PoC, credit card
Countries: World