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.
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. Fujitsu'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.