TOKYO -- Japan's three megabanks are working on a framework for instant international payments that uses blockchain technology on top of existing payment infrastructure, eyeing commercial use next year, Nikkei has learned.
Finance
Japan megabanks to tap blockchain and SWIFT for instant trade payments
Cross-border settlement system aims to slash transaction costs for businesses
Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group are working together on the new settlement system. (Photo by Nanami Sato)
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