The Mitsubishi UFJ Financial Group (MUFG) has announced it will introduce a new blockchain-based payment system.
This is according to a press release they published on February 12.
The world’s fifth-largest bank is developing the project in collaboration with United States content delivery network Akamai, with the goal of launching in 2020.
Called the “Global Open Network,” the platform seeks to make use of MUFG’s payment industry reach to solidify its position in the competitive blockchain payments market.
MUFG and Akamai had first declared a partnership last year, releasing an outline of what would be the Global Open Network and establishing a launch date for the beginning of the 2018 fiscal year that has not been fulfilled.
“The new payment network will be a diverse payment service equipped with an interface that can be used as a communications network, and including functions for the transfer and management of value through blockchain,” the press release explained at that time, while also adding:
“This will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers.”
MUFG has worked on a number of different blockchain projects in the past few months, among which was an initiative to advance a remittance corridor with Brazil with the use of Ripple (XRP).
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