Mizuho to Tap into Ripple for Cross-Border Blockchain Payments

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Mizuho Financial Group (MHFG), one of the largest financial groups in Asia, just became one of the first Japanese banks to pilot Blockchain technology for cross-currency settlement using Ripple.

SBI Holdings, which announced a joint venture with Ripple earlier this year, announced this pilot of Blockchain technology today. Mizuho will use Ripple’s technology to address the most common pain points in cross-border payments: high costs and settlement delay. Ripple’s solutions lower the total cost of settlement by enabling banks to transact directly with real-time certainty and provide greater transparency and control through the process.

MHFG and SBI will use the consulting services of R3CEV to launch this joint project using Ripple’s tried and tested solutions to move toward cost-efficient, real-time settlement.

Ripple recently announced a number of milestones, including a cross-border pilot with Santander U.K., the addition of seven new banks to Ripple’s growing global network, and the first publicly demonstrated bank-to-bank transfer of funds that was executed in seconds versus days.

This collaboration positions Ripple in a high-volume region for trade and remittance payments. According to the World Trade Organization for Trade Flows and the World Bank, Japan processes $1 trillion in cross-border payments annually.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.