Ripple will be used in 30% of Japanese banks

The consortium of Japanese banks plans to use Ripple Blockchain technology for domestic and international payments.

As the CNBC, the announcement came after the successful implementation of the pilot program, in which the consortium used Blockchain technology for a cloud computing platform called RC Cloud. It allows banks from the consortium to make real-time money transfers in Japan, as well as cross-border payments at a much lower price.

"The purpose of the consortium is to increase the efficiency of intra-state and cross-border payments by using the latest accounting technologies available in the world at the moment", – said the director for the joint use of Ripple Amy Yoshikawa.

In Yoshikawa's words, the consortium was launched in October and represents more than thirty percent of all banks in Japan. Members include: AEON Bank, Nomura Trust and Banking, Resona Bank and Mizuho.

Further plans for Ripple

Yoshikawa also stressed that he expects to replenish the consortium for another ten to twenty banks this year. All this should lead to the fact that the consortium will consist of forty to sixty percent of all banks in Japan. It is expected that the commercial phase of RC Cloud will begin this fall.

Previously, we reported that the price of Ripple can reach 16 $ by the end of the year.

Author: Andrey, analyst Freedman Club Crypto News

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