Mitsubishi Working On Payment Pilot With RippleNet
Mitsubishi and Blockchain
Mitsubishi, the internationally known Japanese car producer, has launched a blockchain trial together with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank. This blockchain project focuses on RippleNet, which has technology specifically created to enable cross-border payments.
The trial’s main objective is to improve how capital is transacted. All involved partners have to handle real-time and multi-currency payments every day. Despite that, international transactions are still slow, expensive, and most of the times require a lot of administration. By using RippleNet, these payment movements can be amended considerably.
“The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails,” said the Ripple officials regarding this trial.
Another Great Trial for RippleNet
The trial will be executed by Mitsubishi Corporation. Through RippleNet’s technologies, the company’s subsidiaries in Thailand and Singapore will receive a real-world money in their accounts. It is also the first account of a Japanese business concluding an international payment transaction via Ripple’s technology. If this trial proves to be successful, many other ventures involving domestic firms may follow.
Depending on the pilot’s outcome, the involved parties strive to commercialize this payment technology. Getting RippleNet to be adopted by the public in real-world uses is quite challenging, but things are going according to schedule. With all of these businesses manifesting a genuine interest in the development, Ripple will have to succeed. Having the Mitsubishi Corporation on board at this stage, among others, will definitely lead to an interesting outcome.