The Japanese Bankers Association recently selected IT firm Fujitsu as its application development vendor. JBA made this decision to take a field trial and explore the potential use of JBA’s Collaborative Blockchain Platform as a blockchain technology-based funds transfer system of settlement. “Zengin-net” AJA Payment Clearing Network from the Japanese bank will conduct this trial.
As application development vendor Fujitsu to play vital role
The trial will take place based on the board of directors’ participation using dedicated digital currency to conduct interbank settlements. The digital currency will also evaluate the system’s functionality as a new system of interbank funds transfer settlement for carrying out small-scale transactions with the help of real-time gross settlement (RTGS-4) method. Participating members will test the field for confirming the viability of the blockchain-based technology.
As an application development vendor, Fujitsu will play a vital role by creating and providing the ICT aka the new interbank settlement platform for the trial. The Japanese company will use blockchain technology for the purpose and will also integrate the P2P money transfer platform that it developed with three leading banks in 2017 for generating money transfers to other banks. This process will ultimately set off settlement of interbank fund transfers.
Fujitsu wants to establish new platform
By participating in this field trial as an application development vendor, Fujitsu wants to establish a new platform to realize a cashless society using cutting-edge technology. During the trial, Zenign will offer digital currency to the bank on the new platform for Inter-bank Settlement. Whenever the need for interbank fund transfer settlement will arise, Zenign will transfer virtual currency from originator bank to the receiving bank. Once Zenign receives a request from a bank, it will collect the virtual currency on the new inter-bank settlement platform issued to the bank.
Blockchain is gaining immense popularity in the finance and banking sectors as it can ensure a high-level of transparency and efficiency which is not possible with the current methods used by banks.
