Mitsubishi, Standard Chartered, MUFG Bank and its Thai subsidiary Bank of Ayudhya (Krungsri) have tapped Ripple’s enterprise blockchain network RippleNet to pilot cross border payments.
The trial with RippleNet’s xCurrent will be conducted by Mitsubishi between the accounts of its subsidiaries in Thailand and Singapore.
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The move makes Mitsubishi the first Japanese firm to make cross-border payments over RippleNet.
The test is the first result of a project carried out jointly by the banks to offer a “real-time, multi-currency, multiple-bank platform”.
It will be carried out under the Bank of Thailand Regulatory Sandbox Framework, with an aim to assess the commercial viability of cross-border payments between independent banks.
“As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails. As a result, like much of the consumer market that has turned to fintech companies for cross-border remittances, a growing base of enterprises are turning to fintech providers to address their global payment needs,” Ripple said.
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