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.
Fujitsu has developed a blockchain-based system which enables fast interbank settlements. The platform will now be trialled by the Japanese Payments Clearing Network, 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. According to Fujitsu, it is possible that this new payment solution could help reduce costs and improve efficiency as well as speed up payments between banks.