Mitsubishi, Standard Chartered: cross-border payment pilot test using interledger

Pilot test for moving real funds using RippleNet, with the aim of making cross-border payments more convenient and improving capital efficiency

MITSUBISHI Corp (MC), MUFG Bank Ltd (MUFG Bank), Bank of Ayudhya PCL (Krungsri), a Thailand-based subsidiary of MUFG Bank, and Standard Chartered Bank (Standard Chartered), jointly announced the start of a pilot test for moving real funds using RippleNet, with the aim of making cross-border payments more convenient and improving capital efficiency.

 

This pilot test will be carried out by MC between the accounts of MC's subsidiaries in Thailand and Singapore, under the Bank of Thailand Regulatory Sandbox Framework. It will be the first time that a Japanese company has conducted cross-border payments using RippleNet. The companies will work towards commercializing this high-speed, transparent and traceable cross-border payments solution and collaborate on innovative projects. MC, MUFG Bank, Krungsri and Standard Chartered have been working together to improve financial efficiency internally using new technologies. The test is the first result of a joint project between the companies to improve cash management with a real-time, multi-currency, multiple-bank platform. 

Sending Bank

Bank of Ayudhya Head-Office (Subsidiary of MUFG Bank)

Sender

Thai-MC Company Limited (Thailand-based MC subsidiary)

Receiving Bank

Standard Chartered Bank Singapore

Recipient

MC Finance & Consulting Asia Pte Ltd (Singapore-based MC subsidiary)

Currency

Singapore dollar

 

Ripple is a system software vendor established in 2012. The cross-border payment software developed by Ripple uses interledger protocol, an internet protocol which provides pre- and post-settlement messaging function. It allows real-time settlement and delivery of funds. Financial institutions with this software can transact between each other across the network, RippleNet.

 

Date

14 May 2018

Channel

Treasury

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