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Brazilian banking giant Banco Bradesco has signed a Memorandum of Understanding (MOU) with Japanese bank MUFG to launch a new blockchain-based cross-border payment service.
According to the terms of the MOU, the banks will co-develop international payment service between Japan and Brazil, utilizing Ripple’s blockchain technology. The MOU is an extension of an existing September 2017 collaboration agreement between the two banks.
The new payment system, developed by Ripple, will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.
The new service could be used by clients of both the banks. Bradesco describes the service as a "real-time and low-cost" international money transfer facility and said that it will serve as a launchpad to extend the functionality to its international network of partner banks, ZDNet reported.
The transfers are expected to be available at branches by September 2019 and would then be implemented across Bradesco’s digital channels.
In March 2017, 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.
Earlier this year, 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.
