SBI Holdings, a financial service company, announced that Mizuho Financial Group has become one of the first Japanese banks to pilot blockchain technology for cross-border payment settlements using distributed ledger technology provider Ripple.

According to the official release, Ripple’s technology will be used by Mizuho in order to tackle the most pressing problems in cross-border payments including delay in settlements, the high cost associated with it, among others.

Ripple's solutions will lower the total cost involved in cross-border settlements by enabling banks to directly transact with real-time certainty and give transparency and control through the process.

Mizuho and SBI will launch this joint pilot project using Ripple’s tried and tested solutions with the help of the consulting services of R3CEV in order to move towards cost-efficient, real-time, cross-border settlements. With this collaboration, Ripple positions itself in a high-volume region for trade and remittance payments.

Recently in May, Ripple announced that Santander became the first U.K. bank to use ripple’s technology for cross-border payments. Also, during the Temenos Community Forum 2016, leading auditing and consulting firm Deloitte demonstrated full integration of Ripple’s technology into Temenos T24, allowing real-time cross-border payments.

Mizuho Financial Group, Inc. is a bank holding company which manages and engages in ancillary operations related to the management of its legally–owned subsidiaries as defined by the Japanese Banking Act. Its activities include streamlining group management functions, creating synergies across various business fields and capabilities, and leveraging the defining strengths and characteristics of the Mizuho group.