Fujitsu plans blockchain-based money transfer trial with banks

money transfer
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Fujitsu announced that it has reached an agreement with Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group to conduct a joint field trial of a person-to-person money transfer service using blockchain technology.

Fujitsu says it is building the trial system now, and plans to launch the three-month field trial in January 2018.

For the field trial, Fujitsu will develop a cloud-based blockchain platform for money transfers between individuals that can be jointly used by these three major banks, as well as a smartphone application that allows users to easily handle the different steps for sending money and for making deposits and withdrawals.

money transfer blockchain
Source: Fujitsu

Fujitsu and the three major banks will verify that this system can seamlessly link a money transfer account for individuals set up on this platform with the user’s actual bank account. The field trial will additionally confirm whether the new platform can accurately and securely handle a series of processes, including transferring value between money transfer accounts for individuals, as well as clearing and settlement.

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