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

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

Japan's MUFG Bank and Brazil's Banco Bradesco are teaming up to develop a cross-border payments service based on distributed ledger technology from Ripple.

The banking giants have inked a memorandum of understanding to use Ripple's network to commercialise high-speed, transparent and traceable payments between Japan and Brazil.

MUFG is a strong Ripple backer, among a consortium of Japanese and Korean banks that have been working on a trials of a similar real-time cross-border funds transfers service.

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