Japanese Bankers Association to develop blockchain-based platform for money transfers

posted 8 days ago
The Japanese Bankers Association will build a platform by the end of fiscal 2017 for major and regional banks to run the blockchain tests together. The Financial Services Agency and the Bank of Japan will be positioned to offer regulatory advice. Amid the rise of financial technology, banks are looking for ways to lower costs and improve customer convenience.

Association members will form theme-based coalitions with other banks or companies and run the tests on the platform. The association will likely shoulder costs for running the system. Results will be reported back to the group to build sector-wide know-how.

The association operates the conventional interbank transfer system for financial institutions across Japan. This system offers high security but has also been blamed for high remittance fees.
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