Fujitsu to hold P2P payments trial - Mobile World Live

Fujitsu to hold P2P payments trial

10 OCT 2017

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”.

Author

Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

Read more

Related

Tags