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 of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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