Fujitsu has been selected as an application development vendor for a field trial exploring the potential use of the Japanese Bankers Association’s (JBA) Collaborative Blockchain Platform(1) as a funds transfer settlement system based on blockchain technology. The trial will be conducted by the Japanese Banks’ Payment Clearing Network, otherwise known as “Zengin – net.”
This field trial, based on the participation of the board of directors(2), will use a dedicated “digital currency” for interbank settlements(3) to evaluate the functionality of the system as an economical new interbank funds transfer settlement system for small-scale transactions using a real time gross settlement (RTGS, 4) method. The participants will also use the trial to confirm the viability of blockchain technology in this context.
Fujitsu will play an instrumental role in this field trial by building and providing the trial’s ICT platform, namely, the new interbank settlement platform, using blockchain technology. It will additionally leverage the P2P money transfer platform(5) it developed in fiscal 2017 with three major banks to generate the money transfers to other banks that will trigger interbank funds transfer settlement.