SBI Ripple Asia announced the official launching of the consortium between it and 15 leading Japanese banks that was formed this summer to develop a blockchain-based payment system. According to the press release, now the consortium consists of 42 banks.
As per the announcement, it was initially planned that the consortium would launch with 15 member banks and would have about 30 by March 2017. “Because of active responses from many financial institutions, the Consortium was finally launched with 42 member banks. Member financial institutions are expected to increase further after the launch, as applications for participation will be accepted continuously,” the statement said.
The developers plan and hope that the blockchain-based system will enable faster, cheaper, high-secure round-the-clock domestic and international intra-bank transfers. It is expected that the system will be launched in spring 2017.
The Google-backed Ripple set up the SBI Ripple Asia joint venture with SBI Holdings earlier this year with the aim to expand the adoption of Ripple’s blockchain technology across Japan and throughout Asia with the help of SBI’s considerable local presence.