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Major Japanese banks to trial blockchain with Fujitsu for money transfer service

Tuesday 10 October 2017 | 10:42 AM CET

Fujitsu has agreed with Mizuho, Sumitomo Mitsui, and Mitsubishi Financial, to conduct a joint field trial of a person-to-person money transfer service using blockchain technology.

The trial will begin in January 2018 and last for about three months. Fujitsu has already initiated development of the trial system. For this field trial, the tech company will 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 handle the different steps for sending money and for making deposits and withdrawals.

Fujitsu 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.

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