The Bank of Tokyo-Mitsubishi UFJ (BTMU), the banking unit of the Mitsubishi UFJ Financial (MUFG), has joined Ripple’s interbank group for global payments based on distributed financial technology – Global Payments Steering Group.

BTMU is the first Japanese bank to join the group, which also includes Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC.

Under the partnership, BTMU will oversee the maintenance and enhancement of payment transaction rules and formalized standards for commercial use of Ripple’s network.

Ripple CEO Brad Garlinghouse said: “We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly. While many others continue to play in the sandbox, we’re thrilled MUFG has joined us in our mission to revolutionize payments globally.”

MUFG digital innovation division general manager Hirofumi Aihara said: “Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”

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By GlobalData