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Mitsubishi to pilot payments from Thailand to Singapore over Ripple’s blockchain network
Mitsubishi Corporation, Standard Chartered Bank, MUFG Bank and its Thai subsidiary Bank of Ayudhya (Krungsri) have announced a pilot test for moving real funds over RippleNet – Ripple’s enterprise blockchain network.
The project participants seek to improve cash management with a real-time, multi-currency, multiple-bank platform. The objective is to make cross-border payments more convenient and enhancing the capital efficiency of corporate groups.
“The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails,” Ripple said.
The pilot test will be carried out by Mitsubishi Corporation between the accounts of its subsidiaries in Thailand and Singapore, under the Bank of Thailand Regulatory Sandbox Framework. It marks the first time that a Japanese company is conducting cross-border payments over RippleNet.
The companies plan to work towards commercializing this cross-border payments solution based on the results of the pilot test.