Fujitsu joins the main banks for Blockchain Money Transfer Pilot

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In partnership with Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, Fujitsu will conduct a trial platform with a blockchain based on cloud computing to send funds between individuals, as well as an application for smartphones to increase the usability of the system.

Theoretically, the platform would bind client accounts in the three banks to the blockchain system. Then they would be able to use the application to send money, as well as making deposits and withdraw funds. In addition to carrying value, the trial version of the blockchain will also check the clearing and settlement functions.

Fujitsu explained in a press release that the pilot scheme will allow the system to use a series of processes related to money transfers between individuals, including the transfer of funds from the money transfer account to individuals and the associated actual bank account.

Fujitsu has already been working on developing the platform, and construction will continue for the next three months, the release said. It is expected that the system is completed from January to March 2018.

Last month, Fujitsu announced a partnership with the Japanese Bankers Association (JBA) to test financial services on the blockchain.