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Monday, October 18, 2021
Home News Mizuho to Tap into Ripple for Cross-Border Blockchain Payments

Mizuho to Tap into Ripple for Cross-Border Blockchain Payments

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.

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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