MUFG, Banco Bradesco team on Ripple-based cross-border payments

Tuesday 13 November 2018 14:26 CET | News

MUFG Bank has signed a Memorandum of Understanding with Banco Bradesco to collaborate on a new cross-border payment service.

Through this MOU, MUFG Bank has decided to start the collaborative development for cross-border payments between Japan and Brazil, using Ripple’s cutting-edge technology. The new payment system, developed by Ripple, a US-based software vendor, will assist the banks as they work toward commercializing a traceable cross-border payments solution between Japan and Brazil. In 2017, MUFG Bank said it would join Ripple’s interbank group of transaction bankers responsible for building, maintaining, and enhancing rules which ensure operational consistency and legal clarity to support the Ripple global payments network.

The MOU is an extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco, and represents the banks’ most recent business engagement. In fact, the relationship between MUFG Bank and Bradesco dates back to 1973 when an MUFG Bank predecessor bank invested in the Brazilian financial institution.

MUFG Bank provides services in Brazil, and across Latin America, for corporates in industries including metals and mining, oil and gas, food and beverage, power and utilities, agriculture, and financial services. The bank also offers products such as local cross-currency bonds and loans, trade finance, foreign-exchange and derivatives, structured finance, project finance, syndicated loans, and transaction banking.

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Keywords: MUFG Bank, Banco Bradesco, cross-border, payment, Ripple
Countries: World