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MUFG joins Ripple's interbank group for global payments

Friday 31 March 2017 | 09:52 AM CET

Mitsubishi UFJ Financial Group has joined the Global Payments Steering Group (GPSG), Ripple’s interbank group for global payments based on distributed financial technology.

The GPSG will oversee the creation and maintenance of Ripple payment transaction rules, formalised standards for activity using Ripple, and other actions to support the implementation of Ripple payment capabilities.

As the first bank in Asia selected by GPSG to participate, MUFG joins other participating banks such as Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada, and CIBC in working on GPSG.

MUFG will continue to pursue new FinTech related technologies to improve customer experiences and contribute towards the global expansion and evolution of its financial services.

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