Biggest Bank in Japan will Employ Ripple’s Technology for Payments En Route to Brazil

Biggest Bank in Japan will Employ Ripple’s Technology for Payments En Route to Brazil

MUFG Bank, a merger between the Bank of Tokyo-Mitsubishi and UFJ Bank, and Banco Bradesco announced, through a press release, they signed a Memorandum of Understanding (MOU) to join forces for a new extra-territorial payments service

The development and commercialization of a high-speed, transparent, and traceable payments solution between the two countries, through the system developed by Ripple, is the objective of the MOU.

MUFG Bank’s Enthusiasm for Ripple

In 2017, the Japanese bank stated it will be part of Ripple’s interbank group of leading transaction bankers. The group is said to be responsible for making certain the coherence and legality of the Ripple global payments network through building, maintaining, and enhancing rules.

The bank showed interest in Ripple as a feasible alternative to SWIFT.

MUFG Bank, Brazil, and Banco Bradesco Early Affiliation

In 1919, the predecessor of MUFG Bank opened a branch in Rio de Janeiro. Now, it provides a variety of specialized services for various corporations across Latin America.

The relationship between MUFG and Bradesco was established in 1973 when an MUFG antecedent invested in the Brazilian bank. According to the press release, this MOU is an extension of an extant September 2017 agreement between the two banks.

Ripple, The Newsmaker

Cred, a cryptocurrency-backed lending provider, counts XRP as a collateral option. The option will permit XRP holders to obtain loans for their holding without the need to sell or be subjected to taxes.

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