Mitsubishi tests cross-border payments using RippleNet

Tuesday 15 May 2018 10:51 CET | News

Mitsubishi Corporation has teamed up with several Asian banks to test moving real funds over RippleNet.

The main objective of the pilot is to improve cross-border payments of corporate groups using Ripple’s network, RippleNet, for financial transactions. Among the banks that took part in the testing we mention: MUFG Bank, Bank of Ayudhya, a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank.

This pilot test is set to be carried out by Mitsubishi between the accounts of its subsidiaries in Thailand and Singapore, under the Bank of Thailand Regulatory Sandbox Framework. Based on the results of this pilot test, the companies will work towards commercializing this cross-border payments solution and collaborate on several projects.

Ripple is a system software vendor established in 2012 in San Francisco. The cross-border payment software developed by Ripple uses Interledger Protocol, an internet protocol, which provides pre- and post-settlement messaging function, and allows for the real-time settlement and delivery of funds.

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Keywords: Mitsubishi, cross-border payments, Ripple, RippleNet, Asia, Japan, Singapore, Thailand, MUFG Bank, Bank of Ayudhya
Countries: World