Is a real-time payment protocol, a shared public database with a built-in distributed currency exchange operating as the world's universal translator for money
A year ago SBI Ripple Asia announced the creation of a Japanese consortium of banks which was to use Ripple’s technology for payments and settlement.
A few months later, the consortium grew to 47 banks that successfully completed a pilot implementation of Ripple to enable real-time money transfers both domestically and internationally – with the goal of going live by year end.
— Ripple (@Ripple) 11 июля 2017 г.
Now, in less than a year, SBI Ripple Asia brings together 61 banks representing 80% of Japan's total assets. All three of Japan’s largest banks have now joined the Japan bank consortium using Ripple, including Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho.
Moreover, the consortium intends to expand further and non-Japanese banks based in Japan interested in joining can contact the consortium. As the copmpany reports, banks outside of Japan are also welcome to contact Ripple to be connected.