Risona Group’s Resona Bank has agreed to join initial members of a Japanese banking consortium led by SBI Ripple Asia. The consortium plans to build a new payments system that offers cheap, round-the-clock fund transfer services by taking advantage of innovations in blockchain technology.

Currently, Resona Group (compromising three banks, Resona Bank, Saitama Resona Bank, and The Kinki Osaka Bank) offers 24/7 transfer service between the group’s banks. By utilizing the new system the consortium has been planning, it will enables domestic and international transfers 24 hours a day, 365 days a year. The group also expects to realize low-transfer cost and to flexibly meet the diverse needs of their customers who make small amount of transfer.

(Source: Resona Bank )

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