Japanese Fujitsu teams up with Mizuho, Sumitomo Mitsui and Mitsubishi UFJ Financial (MUFG- Japan’s largest bank) in order to conduct a joint field trial of a person-to-person money transfer service powered by blockchain technology. The trial will begin in January 2018 and last for about three months.
Image credit: Fujitsu
Thus, Fujitsu is to develop a "cloud-based blockchain platform for money transfers between individuals that can be jointly used by these three major banks, as well as a smartphone application that allows users to easily handle the different steps for sending money and for making deposits and withdrawals".
The company and the three major banks will verify that this system can seamlessly link a money transfer account for individuals set up on this platform with the user's actual bank account. The field trial will additionally confirm whether the new platform can accurately and securely handle a series of processes, including transferring value between money transfer accounts for individuals, as well as clearing and settlement.
Through this field trial, Fujitsu will work to develop a service platform that is highly convenient for users in an increasingly monetarily diverse, cashless society.