Mitsubishi Corporation testing cross border transactions with RippleNet

15 May, 2018
by Ryan Boltman
Mitsubishi Corporation testing cross border transactions with RippleNet

Mitsubishi Corporation has partnered with several key banks around the world to test cross border payments using RippleNet

Mitsubishi Corporation (MC) has joined several other banks including MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank to test pilot cross-border payments using real funds.

The announcement comes as banks look for a more viable option to improve the convenience of sending payments across borders. Mitsubishi Corporation will manage the test pilot which will be carried out between accounts of their subsidiaries in Thailand and Singapore, under the Bank of Thailand's regulatory sandbox framework.

This will be the first time a Japanese company has tested cross-border payments over RippleNet.

According to the report, published on MC's website, the goal will be to commercialize high-speed, transparent, traceable cross-border payment solutions.

For a more indepth report on this article, read the full story published on Mitsubishi Corporation's website here.

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