5 major Japanese banks have united to launch blockchain-powered financial services infrastructure, confirmed by the financial platform in a press release on March 1.
Yamanashi Chuo Bank, Akita Bank, Aomori Bank, Bank of Yokohama and Bank of Iwate are going to work together on the platform, dubbed ‘Fitting Hub.’ The first service – electronic delivery service – on the platform is anticipated to be launched in April, the press release notes.
According to the previous information, the platform had given a timeline for testing to start in July 2018, and full deployment within a year, as reported by a local news agency Nikkei in late January 2018, when the partnership first surfaced.
Targeting an elite range of financial operations for efficiency improvements, the 5 banks will leverage IBM’s expertise amid the development phase.
The IT giant has built a significant standing in the enterprise blockchain arena via the use of its dedicated IBM Blockchain suite of the services.
The press release explains –
“With the electronic delivery service that will be launched this time, it is impossible to receive and manage the data from multiple financial institutions and companies on one screen.”
The press release continues –
“For financial institutions and business operators who provide services, such joint service provision can make the system inexpensive compared to separate systems, as well as greatly reduce postage and mailing costs.”
The Japanese banking sector is gradually taking major integrative steps in both cryptocurrency as well as blockchain technology this year. A month ago, Mizuho announced that it would launch its own digital currency platform and even release its own stablecoin soon.
At the same time, the country’s second largest securities brokerage, Daiwa, confirmed it had completed a trial of a blockchain post-trade processing solution.
As indicated by Fitting Hub’s website, this new interbank project will likewise incorporate financial authentication and settlement functionality.