Over 40 Japanese banks complete pilot implementation of Ripple blockchain
SBI Ripple Asia, a joint venture between blockchain technology provider Ripple and SBI Holdings, has announced that 47 Japanese banks have successfully completed a pilot implementation of Ripple in Japan with the help of cloud-based payments platform. These banks have moved towards the commercial phase using Ripple.
The consortium of 47 member banks includes Mizuho Bank, The Bank of Yokohama, The Sikoku Bank, Shinkin Central Bank, SBI Sumishin Net Bank, Daiwa Next Bank, The Hiroshima Bank, The Tokyo Star Bank, The Yamagata Bank, Sony Bank Incorporated, among others.
The platform ‘RC Cloud’ is the first to enable real-time money transfers both domestically as well as internationally and it is powered by Ripple’s blockchain solution. The member banks have confirmed that the platform will move into a commercial space in the near future.
“Domestic and cross-border payments have been silo processes that are expensive, but RC Cloud allows for a seamless transaction for both types of payments on one platform,” Takashi Okita, CEO of SBI Ripple Asia said in the official release. “And as we continue to expand our network, we look forward to utilizing Ripple to enhance banks’ transactions across the world.”
The pilot process also evaluated various aspects of the RC Cloud operation including operational risks, regulatory considerations, and standardization in a move to connect with the banks’ accounting system. The consortium of 47 banks has also planned to connect with global banks to continue in expanding Ripple’s network.
“Consortiums are not hard to come by in this industry, but what makes this significant is that these leading Japanese banks are focused on a clear use case and moving blockchain into production. This is a concrete example that our solution is already transforming how money is sent around the world,” Brad Garlinghouse, CEO of Ripple, said.
The successful completion of pilot marks the evidence that Ripple’s distributed financial technology includes the only enterprise blockchain solutions for real-time cross-border payments and is a notable milestone for the growth of our global network, the release stated.
Ripple network has 90+ global banks working with it including Santander, Bank of America, Axis Bank, among other top global banks. Apart from this, Ripple has completed over 30 pilots and more than 10 banks are presently moving into commercial phase.