Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) announced that its banking arm Bank of Tokyo-Mitsubishi UFJ has joined the Global Payments Steering Group (GPSG), which is the Ripple’s interbank group based on blockchain technology, for global payments.

The interbank blockchain group GPSG will look into the creation as well as the maintenance of Ripple payment transaction rules and formalized standards for commercial use of Ripple’s network.

“We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly. While many others continue to play in the sandbox, we’re thrilled MUFG has joined us in our mission to revolutionize payments globally,” Brad Garlinghouse, CEO of Ripple, stated.

MUFG will be the first Japanese bank to join GPSG that comprise of key financial players including Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC.

MUFG is constantly looking to use fintech in order to improve the customer experience and contribute toward global expansion of financial services. Its partnership with Ripple addresses the pain points of existing systems and challenges of cross-border payments, including delays, cost, and lack of visibility.

“We are pleased to join Ripple’s Global Payments Steering Group. MUFG is working extensively in fintech to provide better services to our customers and society. Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network,” Hirofumi Aihara, General Manager, MUFG Digital Innovation Division, said.

With the addition of MUFG to Ripple’s network, the blockchain firm is looking forward to its ongoing work together in building the rules and governance of a completely modern payments network.