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.

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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