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Finance

Japan's BTMU plans international fund transfers via blockchain in 2018

Bank teaming up with global peers on next-gen network

Bank of Tokyo-Mitsubishi UFJ will be part of a global banking alliance that will tap the technology behind virtual currency to wire funds more efficiently.

TOKYO -- Bank of Tokyo-Mitsubishi UFJ and six other international banking groups will launch next year a faster and lower-cost cross-border wiring service that uses blockchain, the core innovation behind virtual currency.

Banks have poured large sums into building high-security systems for fund transfers. But costs for maintaining and updating them have reached the point where the Mitsubishi UFJ Financial Group unit and others have begun turning to blockchain.

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