Cross-Border Payment Pilot Test Using Next Generation Technology
Mitsubishi Corporation MC, MUFG Bank Ltd. (MUFG Bank), Bank of Ayudhya PCL, a Thailand-based subsidiary of MUFG Bank and Standard Chartered Bank, today jointly announced the commencement of a pilot test for moving real funds over RippleNet, with the objective of making cross-border payments more convenient and further improving the capital efficiency of corporate groups.
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 is the first time for a Japanese company to conduct cross-border payments over RippleNet.
Based of the results of this pilot test, the companies will work towards commercializing this high-speed, transparent and traceable cross-border payments solution and collaborate on a variety of innovative products.
MC, MUFG Bank, Krungsri and Standard Chartered have been working together to improve financial efficiency internally using next generation technologies. This pilot 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.