A group of nine Japanese banks are set to trial a blockchain-powered interbank settlement system developed by Fujitsu. The field trial will see the Japanese Payments Clearing Network (Zengin-net) use a dedicated digital currency and a Fujitsu-built blockchain-based platform for interbank settlement. The participants want to test the viability of the technology for small-scale transactions using a real-time gross settlement method. The trial will also use a P2P money transfer platform developed by Fujitsu last year to generate the money transfers that trigger interbank funds transfer settlement.
the Japanese Payments Clearing Network has developed a blockchain-based system which enables fast interbank settlements. The platform will now be trialled by Fujitsu, a group of nine banks in the country seeking to test the technology to determine its viability for small-scale transactions which use a gross settlement method in real time. the Japanese Payments Clearing Network's peer-to-peer money transfer platform, which produces the money transfers which trigger the settlements, will also be trialled as part of the agreement.