Information technology equipment and services firm Fujitsu will build an interbank settlement platform using blockchain technology as part of a joint project with nine Japanese banks.
Image: Image: Fujitsu to support Japanese Bankers Association. Photo: Courtesy of Luca Bravo/Unsplash.
Fujitsu has been selected as an application development vendor for a field trial, which is evaluating the potential use of the Japanese Bankers Association’s (JBA) Collaborative Blockchain Platform as a funds transfer settlement system based on blockchain technology.
The trial will be carried out by the Japanese Banks’ Payment Clearing Network, which is also known as ‘Zengin – net.’
The field trial will use dedicated digital currency for interbank settlements to assess the functionality of the system as an economical new interbank funds transfer settlement system for small-scale transactions using a real time gross settlement (RTGS) method.
It can also be used to confirm the viability of blockchain technology in this context.
Fujitsu will build and provide an ICT platform for the trial, namely, the new interbank settlement platform, using blockchain technology.
In addition, it will use P2P money transfer platform that the company developed in fiscal 2017 with three major banks to generate the money transfers to other banks that can trigger interbank funds transfer settlement.
By taking part in the project, Fujitsu seeks to establish a platform that uses new technology for a cashless society.
A functionality trial of a digital currency is planned to be carried out as a new system for inter-bank settlement for using blockchain technology and to test other aspects surrounding the system such as performance and security.
The scope of the trial is to test the system for inter-bank settlement and value transfer using a digital currency, in an inter-bank settlement platform.
Earlier this month, Fujitsu partnered with Blue Lab and Personetics Technologies to work on a joint proof of concept (PoC) trial of Personetics Engage, an artificial intelligence (AI)-powered solution to offer personalized financial advice to bank customers.
The PoC trial is performed in collaboration with Moneytree K.K. The trial will test the benefits offered by Personetics Engage and how its AI-powered insights and recommendations fit within the needs of banking customers.