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October 10, 2017

Fujitsu to test blockchain-based money transfer service

By Shruti T

Fujitsu will conduct a joint field trial of a person-to-person money transfer service using blockchain technology in collaboration with Mizuho Financial, Sumitomo Mitsui Financial, and Mitsubishi UFJ Financial.

The trial, which is expected to last for nearly three months, is expected to commence in January next year.

For this field trial, Fujitsu will develop a cloud-based blockchain platform for money transfers between individuals.

It will also develop a smartphone application that will enable users to handle the different steps for sending money and for making deposits and withdrawals.

The new system will be verified by Fujitsu and the three major banks to check if the system can link a money transfer account set up on the platform with the user’s actual bank account.

The trial will also check whether the new system is well equipped to accurately and securely handle a series of processes such as transferring value between money transfer accounts, as well as clearing and settlement.

Fujitsu noted that it will work to develop a service platform that is convenient for users in an increasingly monetarily diverse, cashless society.

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