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Blockchain-based commercial payment service Paystand has announced that it has entered a Memorandum of Understanding (MoU) with Tokyo-based credit card firm JCB. The partnership means to replace the legacy system in Japan that is still widely used despite the emergence of newer payment methods.
As a result, a significant portion of Japan’s economic power is being channeled inefficiently causing financial losses to businesses. The amount lost is estimated to fall between $500 billion to $1 trillion, a press release revealed.
To free up this massive economic value, Paystand and JCB will be developing an end-to-end digital payment platform on the back of blockchain technology. Paystand CEO Jeremy Almond said that the partnership is a huge signal for change in Japan’s B2B market.
The main objectives
“Our relationship with JCB is yet another indication that enterprises in all markets are demanding easy, secure, frictionless business payments that leverage digital technology. JCB is an iconic, globally recognized brand in financial services and we are excited to partner with them to introduce better business payment technology to their customers and other companies throughout Japan and Asia,” Almond said.
The main goal is to provide businesses in Japan a modern payment system for its customers to streamline transactions, decrease frauds and errors, and accelerate the time to cash up.
Japanese banks trying to adapt amidst fintech evolution
Meanwhile, Japanese banks are also looking to streamline their respective operations. To achieve this goal, 80 Japanese financial institutions have expressed their interest in joining JPMorgan’s Interbank Information Network (IIN).
The network can significantly speed up a bank’s global payments, its compliance to authorities, and data submission. It can also strengthen the banks’ anti-money laundering protocols, something that’s been repeatedly criticized by global authorities.
“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry. In just one year, we’ve seen IIN scale as well as expand in terms of role and capabilities – and we are excited at the growth to come,” JPMorgan Chase Global Head of Clearing John Hunter said.
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