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Finance

Japanese banks teaming up on blockchain tests

Bankers' association to coordinate industrywide efforts

Blockchain technology keeps a shared digital ledger on multiple computers.

TOKYO -- Banks large and small in Japan will try out the technology underlying bitcoin for such services as money transfers under the auspices of a trade group.

The Japanese Bankers Association will build a platform by the end of fiscal 2017 for major and regional banks to run the blockchain tests together. The Financial Services Agency and the Bank of Japan will be positioned to offer regulatory advice. Amid the rise of financial technology, banks are looking for ways to lower costs and improve customer convenience.

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