Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

SBI Ripple Asia announces Credit Card Industry Consortium ‎

SBI Ripple Asia, the joint venture between Ripple and SBI Holdings, has announced the formation of a “Credit Card Industry Consortium”, Finance Magnates reported.

SBI Ripple Asia has entered into partnership agreement some of the leading Japanese credit card companies. The consortium aims to leverage blockchain technology to address some of the problems faced by the card industry.

“Distributed ledger technology (DLT) has the potential to enhance the stability, flexibility and efficiency of financial institution systems…In the card industry, in addition to virtual currency issue and point management, it is expected to be utilized in various applications such as identity verification, sharing / fraud prevention of illegal transactions and single sign-on,” the official release stated (loosely translated).

Initially, the consortium would be composed of three major credit card providers including JCB, Sumitomo Mitsui Card and Credit Saison. It has already developed a new payment app using Ripple’s technology to facilitate real-time payments while ensuring user security.

The consortium will be formally established in January 2018, according to CryptoNinjas. It aims to research cross-industry cutting-edge technology and establish a common foundation for the use of DLT.

In August 2016, SBI Ripple Asia announced the creation of a Japanese Bank Consortium, which has grown to over 60 banks in Japan. Last week, the consortium launched a new Ripple pilot with two leading South Korean banks, Woori Bank and Shinhan Bank.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

May 25 16:00 UTC Released

USCattle Marketed

Actual

106 %

Forecast

106 %

Previous

96 %

May 25 16:00 UTC Released

USCattle On Feed

Actual

105 %

Forecast

104.9 %

Previous

107 %

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 177428177428m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 177428177428m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 165608165608m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.