MUFG Bank partners with Ripple for Cross-Border Payment Service

Japan’s Mitsubishi UFJ Bank (MUFG) just announced the signing of a Memorandum of Understanding (MOU) with Brazil’s Banco Bradesco Bank. The collaboration will be to develop a new cross-border payment service, using Ripple’s xRapid and XRP technologies between the 2 countries.

Tokyo based MUFG Bank is Japan’s largest and world’s fifth largest bank in terms of total assets. Banco Bradesco is headquartered in São Paulo. Ripple, who are the leaders of cross-border payments solutions will utilize their global payment network to connect both banks and provide “one frictionless experience for sending and receiving money globally.”

Ripple tweeted about the collaboration through their official Twitter handle.

“@Bradesco and @btmu_official are leveraging Ripple’s #blockchain technology to create a new cross-border payment service between Japan and Brazil.”

As per the press release, MUFG Bank stated

The new payment system — developed by Ripple, will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil. The MOU is an extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco. Furthermore, it represents the banks’ most recent business engagement“.

Blockmanity’s Take

The collaboration would help the Japanese bank expand its services to Brazil. Ripple is also are on a roll with another major announcement. They just can’t stop being in the news.

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