Japan-based ICT player Fujitsu will team with three major banks in the country to conduct a person-to-person (P2P) payments transfer trial using blockchain technology.
The trial, which will begin in January 2018 and last for about three months, will see Fujitsu develop a cloud-based blockchain platform for money transfers which can jointly be used by the three banks – Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group.
In a statement, the company explained it will also develop a smartphone application, allowing users to “easily handle the different steps for sending money and for making deposits and withdrawals”.
Fujitsu said it had already initiated a trial designed to verify the system can seamlessly link a money transfer account for individuals which was set up through the user’s bank account.
The trial will also aim to confirm whether the new platform can accurately and securely handle a series of processes including the transfer of value between money transfer accounts for individuals, as well as clearing and settlement.
Fujistu explained there was a “growing wave” of digitisation given the improvements of computers, and innovations in related technologies such as AI and blockchain.
Through the field trial, Fujitsu said it wants to develop a service platform “that is highly convenient for users in an increasingly monetarily diverse, cashless society”.