Japanese Banks Collaborate To Develop Finance Services Platform Based On Blockchain

Five Japanese banks have joined together to introduce a blockchain powered financial services platform named “Fitting Hub.” Bank of Iwate, Aomori Bank, Akita Bank, Yamanashi Chuo Bank and Bank of Yokohama are the five banks which have come together to develop the aforesaid platform.

Electronic delivery service is the initial service that will be available on the platform, which will be launched in April.

Past data provided a time frame for trialing to start in July 2018 and complete installation within one year, as announced by domestic news bureau Nikkei at the end of January 2018, when the collaboration first emerged.

The banks will capitalize on the competence of IBM during the building phase by focusing on a spectrum of financial activities to improve efficiency. By using its devoted IBM Blockchain suite of services, the IT behemoth has developed a significant footing in the enterprise blockchain domain.

The press release further states “With the electronic delivery service that will be launched this time, it is possible to receive and manage form data from multiple financial institutions and companies on one screen.”

“For financial institutions and business operators who provide services, such joint service provision can make the system inexpensive compared to separate systems, as well as greatly reduce postage and mailing costs.”

The Japanese banking sector is taking huge steps for adoption of both cryptocurrency and blockchain this year. Mizuho announced last month that it would deploy its own platform for cryptocurrency and even launch its own stablecoin.

Meanwhile, Daiwa, Japan’s second – largest securities brokerage, confirmed the completion of a test of a post-trade processing solution based on blockchain. The new interbank endeavor will also utilize monetary verification and settlement functionality, according to the blog of Fitting Hub.