24 July 2017
download the report now

Ripple expands Japan bank consortium to 61 members

11 July 2017  |  5846 views  |  0 Source: Ripple

Less than a year ago, SBI Ripple Asia announced the creation of a Japanese consortium of banks who will use Ripple’s technology for payments and settlement.

The set of banks set out to be the first in Japan to conquer the slow and costly pain points associated with sending payments using current rails.

A few short months later, the consortium grew to 47 banks that successfully completed a pilot implementation of Ripple to enable real-time money transfers both domestically and internationally - with the goal of going live by year end.

Today, we are happy to announce that the Japan bank consortium continues to drive interest among the banking community in Japan, bringing the total number of members to 61, representing over 80% of total assets in Japan.

All three mega banks have now joined the Japan bank consortium using Ripple, including Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho. We also welcome Japan Post Bank to the roster of the top banks by assets using Ripple for payments in Japan.

“We commend these banks in Japan for taking a giant step forward on behalf of their customers. This is a great example of a regional banks converging into a global real-time payments network for the greater good,” said Marcus Treacher, global head of strategic accounts at Ripple.

Stay on the lookout for a common mobile application for payments that will unite all the banks’ customers both domestically and globally - set to launch later this year.

The consortium intends to expand further and non-Japanese banks based in Japan interested in joining can contact the consortium. Banks outside of Japan are also welcome to contact Ripple to be connected.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.ncr.com

Top topics

Most viewed Most shared
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
10695 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
9552 views comments | 16 tweets | 12 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
8309 views comments | 25 tweets | 16 linkedin
PayPal strikes deals with Chase and CitiPayPal strikes deals with Chase and Citi
8041 views comments | 10 tweets | 5 linkedin
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
7896 views comments | 5 tweets | 6 linkedin