Fujitsu in New, Blockchain-Powered Inter-Bank Settlement System Field Trial
Supporting fintech field trial by Zengin - net as an application development vendor
TOKYO, Oct 29, 2018 - (JCN Newswire) - Fujitsu has been selected as an application development vendor for a field trial exploring the potential use of the Japanese Bankers Association's (JBA) Collaborative Blockchain Platform(1) as a funds transfer settlement system based on blockchain technology. The trial will be conducted by the Japanese Banks' Payment Clearing Network, otherwise known as "Zengin - net."
| Figure: Diagram of the field trial |
This field trial, based on the participation of the board of directors(2), will use a dedicated "digital currency" for interbank settlements(3) to evaluate the functionality of the system as an economical new interbank funds transfer settlement system for small-scale transactions using a real time gross settlement (RTGS, 4) method. The participants will also use the trial to confirm the viability of blockchain technology in this context.
Fujitsu will play an instrumental role in this field trial by building and providing the trial's ICT platform, namely, the new interbank settlement platform, using blockchain technology. It will additionally leverage the P2P money transfer platform(5) it developed in fiscal 2017 with three major banks to generate the money transfers to other banks that will trigger interbank funds transfer settlement.
By participating in this project, Fujitsu aims to establish a new platform that utilizes cutting-edge technology to help realize a cashless society.
Field Trial Details
1. Trial Structure
Operating Entity: Japanese Banks" Payment Clearing Network Participating Banks: Zengin - net's board of directors; nine banks: Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Resona Bank, The Joyo Bank, THE BANK OF FUKUOKA, THE NISHI-NIPPON CITY BANK, Sumitomo Mitsui Trust Bank, The Keiyo Bank Application Development Vendor: Fujitsu Limited
2. Trial Goal
Conduct a functionality trial of a digital currency as a new system for inter-bank settlement(6) using blockchain technology, as well as to test the practical aspects surrounding the system (such as performance and security) if blockchain technology were adopted, confirming the technology's viability.
3. Trial Scope
The trial will test a system for inter-bank settlement and value transfer using a digital currency (the issuance, transfer, and collection of the digital currency) in an Inter-bank Settlement platform. (Figure)
http://www.acnnewswire.com/topimg/Low_FujitsuDiagramfieldtrial.jpg Figure: Diagram of the field trial 4. Trial Details
The issuance, transfer, and collection of the digital currency used for inter-bank settlements will be evaluated in the following ways:
Issuance: After receiving a request from a bank, Zengin - net will issue digital currency to the bank on the new Inter-bank Settlement platform.
Transfer: When the necessity of interbank funds transfer settlement arises (in this case, through the use of the P2P money transfer platform), settlement (interbank payment) will be conducted by transferring digital currency from the originator bank to the receiving bank.
Collection: After receiving a request from a bank, Zengin - net will collect the digital currency issued to the bank on the new Inter-bank Settlement platform.
5. Trial Environment
The trial will use a testing environment provided by Fujitsu on the JBA's Collaborative Blockchain Platform.
(1) Collaborative Blockchain Platform A collaborative, cooperative field trial environment, established by JBA with the goal of generating and sharing knowledge relating to blockchain and distributed ledger technology. (2) Board of directors Please see https://www.zengin-net.jp/company/pdf/directors.pdf (Japanese) for more information on the board of directors. (3) Dedicated digital currency for inter-bank settlement This currency (fixed at 1 unit = 1 yen), will be issued to participating banks by Zengin - net, a funds clearing institution. Because RTGS-style interbank settlements will be handled through the use of this digital currency, other funds clearance will not be necessary. (4) Real time gross settlement (RTGS) A system in which individual payment instructions are settled in gross, one by one. Leads to reduced payment risk because unsettled payment balances do not build up. (5) P2P money transfer platform Fujitsu to Conduct Blockchain Field Trial of Money Transfer Service with Three Major Japanese Banks (press release, October 10, 2017) P2P is a contraction of "peer to peer." (6) Settlement The clearing of claims and debts between banks, generated by money transfer transactions to other banks, via interbank payments.
Contact:Fujitsu Limited
Public and Investor Relations
Tel: +81-3-3215-5259
URL: www.fujitsu.com/global/news/contacts/
Source: Fujitsu Ltd Sectors: Cloud & Enterprise, Blockchain Technology, Banking & Insurance
Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
|
Latest Release
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe Apr 19, 2024 13:50 JST
| Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces Apr 19, 2024 10:17 JST
| Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas Apr 18, 2024 17:01 JST
| Toyota Launches All-New Land Cruiser "250" Series in Japan Apr 18, 2024 13:39 JST
| Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan Apr 18, 2024 11:14 JST
| Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category) Apr 18, 2024 10:53 JST
| All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating Apr 18, 2024 09:22 JST
| Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan Apr 17, 2024 16:17 JST
| Honda Unveils Next-generation EV Series for China Apr 17, 2024 12:15 JST
| Lexus presents Time at the 2024 Milan Design Week Apr 16, 2024 18:49 JST
| Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA Apr 16, 2024 14:36 JST
| New circuit challenge for TOYOTA GAZOO Racing Apr 15, 2024 17:21 JST
| TOYOTA GAZOO Racing back on asphalt for Croatian challenge Apr 12, 2024 19:36 JST
| Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project Apr 12, 2024 14:39 JST
| MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors Apr 11, 2024 18:08 JST
| Mitsubishi Shipbuilding Acquires Approval in Principle (AiP) from Classification Society ClassNK for Ammonia Fuel Supply System (AFSS) Apr 11, 2024 17:50 JST
| DOCOMO, NTT, NEC and Fujitsu Develop Top-level Sub-terahertz 6G Device Capable of Ultra-high-speed 100 Gbps Transmission Apr 11, 2024 15:10 JST
| Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp Apr 11, 2024 13:07 JST
| Mitsubishi Shipbuilding Receives Order for Ammonia Fuel Supply System for Ammonia-Powered Marine Engine Apr 10, 2024 16:55 JST
| Transgene and NEC Present First Clinical Benefits of Neoantigen Cancer Vaccine, TG4050, in Head & Neck Cancer at AACR 2024 Apr 10, 2024 13:36 JST
|
More Latest Release >>
|