Japan’s Biggest Bank Partners Ripple, Plans Global Blockchain Money Transfers in 2018

The Bank of Tokyo-Mitsubishi UFJ (BTMU), the banking arm of the Mitsubishi UFJ Financial Group (MUFG) has joined Ripple in its endeavor to establish an international blockchain payments network of global banks.

MUFG has today announced [PDF] its membership in Ripple’s ‘Global Payments Steering Group’ (GPSG). CCN reported on the GPSG in September 2016, set up to create a ‘rules-based blockchain payments network’ as Ripple describes it. The goal of the Ripple-led banking collective is to create uniform policies and governance to facilitate the transfer of money, globally, over a blockchain.

“Today, people expect money to move at the speed of the Internet. That’s why we’re working with these top banks to address the need for faster cross-border payments,” stated Ripple co-founder and then-CEO Chris Larsen, at the time.