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The Bank of Tokyo-Mitsubishi UFJ announced today, 31 March 2017, its joining of the Global Payments Steering Group (GPSG), Ripple’s interbank group for global payments based on distributed financial technology.

As the first bank in Asia selected by GPSG to participate, MUFG joins other participating banks such as IBOS members Santander and Royal Bank of Canada, as well as Bank of America Merrill Lynch, Standard Chartered, Westpac Banking Corporation and CIBC in working on GPSG.

Ripple provides global financial settlement solutions by enabling banks to transact directly and with real-time certainty over the internet. This overseas payments solution developed by Ripple uses internet communications protocols to enable pre- and post-settlement interbank communications and the realisation of rapid settlement and arrival of funds, and enabling financial institutions with this software to conduct settlements rapidly 24 hours a day, 365 days a year.

MUFG will continue to pursue new FinTech related technologies to improve customer experiences and contribute towards the global expansion and evolution of financial services.

Read the press release, via The Bank of Tokyo-Mitsubishi UFJ’s website, here.