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Fujitsu Helps Nine Japanese Banks’ Trial of Blockchain-Powered Settlement System

Abstract : Fujitsu announced it was selected as an “application development vendor” for nine Japanese banks’ trail.

ChainDD
ChainDD

Oct 30

Source: Fujitsu official website

October 30 (ChainDD) Japanese IT giant Fujitsu announced it was selected as an “application development vendor” for nine domestic banks’ trail. These banks will try to use a custom digital currency to perform low-cost small-scale interbank transactions by means of real time gross settlement, with the aim of evaluating blockchain’s function, security and viability in real world.

According to Fujitsu, The banks, including the well-known international banks like Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation, will form Japanese Banks’ Payment Clearing Network, also known as Zengin-net, to conduct the trial, and explore the possible use of Japanese Bankers Association’s (JBA) Collaborative Blockchain Platform as a funds transfer settlement system.

Fujitsu said it will use blockchain technology to create new interbank settlement platform for the trial, and leverage P2P transfer platform developed for three major banks in fiscal year 2017. Through the trial, Fujitsu “aims to establish a new platform that utilizes cutting-edge technology to help realize a cashless society.”

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