MUFG, Standard Chartered Plan Blockchain Payments Launch for 2018

A group of international banks is reportedly planning the 2018 launch of cross-border payment services backed by blockchain.

AccessTimeIconMar 31, 2017 at 1:08 p.m. UTC
Updated Sep 11, 2021 at 1:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A group of international banks is reportedly planning the launch of cross-border payment services backed by blockchain.

According to Nikkei, the group – which includes Bank of Tokyo-Mitsubishi UFJ, Standard Chartered, Bank of America Merrill Lynch, Banco Santander, the Royal Bank of Scotland and the Canadian Imperial Bank of Commerce – is eyeing a 2018 launch, with a focus on both retail and commercial customers. Distributed ledger startup Ripple will provide the underlying technology, the paper said.

The past year has seen a number of banks worldwide test blockchain tech for cross-border payment purposes, including some who have trialed Ripple’s platform for this purpose. These include banks in India, Asia, Europe and the Middle East.

payments have emerged as an appealing use case in the financial industry, even drawing the attention of some central banks.

Yet, the new service being envisioned by the group could see use beyond just cross-border payments, according to Nikkei.

The institutions are said to be weighing additional resources utilizing blockchain, including mechanisms that would enable the settlement of inter-bank agreements.

"The seven banks are also mulling taking that innovation beyond wiring money. This could pave the way for integrating sales agreements with payment settlements at banking institutions," the paper said.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which as an ownership stake in Ripple.

MUFG image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.