Mitsubishi UFJ (MUFG) aims to roll out a blockchain-enabled payments platform for micropayments.
The platform, powered by Akamai, is set for delivery in 2019 and will be able to process a million transactions per second and have the ability to finalise transactions within two seconds.
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The bank believes there is also potential to further scale this processing ability to 10 million transactions per second.
The bank is understood to be planning a pilot trial early next year with around 100,000 account holders at a few select merchants in Tokyo.
MUFG has also partnered with Standard Chartered to trial new cross-border payments with Ripple’s blockchain network.
In addition, MUFG has created a dedicated unit to harness the power of artificial intelligence (AI) for the bank’s various business arms.
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By GlobalData
