Japan's largest bank to launch a blockchain payment system in the first half of 2020 Japanese financial corporation Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world in terms of assets under management, has released new information on the development of a blockchain payment system. The project is being implemented in conjunction with the American content delivery system Akamai and is preparing to launch in the first half of 2020.

Japan's largest bank to launch blockchain-based payment system in the first half of 2020

The Japanese financial corporation Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world in terms of assets under management, has released new information on the development of a payment system on the blockchain. The project is being implemented in conjunction with the American content delivery system Akamai and is preparing to launch in the first half of 2020.

MUFG plans to attract potential customers to its "Global Open Network" not only with the help of developing technologies, but also using its own impressive resources in the payment industry.

“The new payment network will become a multidirectional payment service, adapted for use as a communication network, and will support functions for transferring and managing values ​​via the blockchain,” the company shared its plans earlier. "This will significantly reduce transaction costs for all types of payment services and can support a significant increase in the number of transactions.".

Prior to that, MUFG took part in various blockchain projects, including collaborating with Ripple on the creation of a payment corridor between Japan and Brazil..

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