SBI Ripple Asia and the Japan Payment Card Consortium intend to fight against fraud by utilising blockchain technology.
According to the website, SBI Ripple Asia provides a next-generation payment platform which is powered by Distributed Ledger Technology for financial organisations and remittance transfer providers in Asia as a joint venture of SBI Holdings and Ripple, a US FinTech venture.
SBI has spoken out saying that the proof of concept will share information together with nine credit card issuers and two payment card technology provides.
The issuers in question include:
- Toyota Finance
- American Express
- Aeon Credit
- Epos Card
- Hewlett-Packard Japan
- Credit Saison
- Sumitomo Mitsui Card
- Sumitomo Mitsui Trust Club
The firms will begin to share information on a real-time basis amongst related parties using the blockchain. Proof of concept will also be conducted on the R3 blockchain platform, Corda.
TIS is a member of R3’s partner ecosystem which will develop an information sharing system on Corda.
For the purpose of the proof of concept, data will only be shared among the participating card firms. However, in the future, the consortium will also consider sharing information with others which include merchants and payment service providers.
As reported by Banking Tech, the consortium will be using the HPE Mission Critical Distributed Ledger Technology Lab as its testing place while it also looks to establish an effective environment by improving the user experience and therefore it will reduce the costs socially and improving productivity in a cashless society.
Back in October, SBI Ripple Asia and the Japan Bank Consortium launched a Ripple powered app, MoneyTap. The objective of the app was to offer a real-time settlement or domestic payments in Japan.
As reported in March last year, the two completed a pilot integration of Ripple’s unified blockchain platform for domestic and cross-border transactions, RC Cloud.
“They also had been discussing and evaluating the implementation of a common gateway to give member banks access to Ripple’s API, and a money transfer application as well as various regulatory issues.”
Following the retrieval of the license from Japan’s Ministry of Finance last month, MoneyTap finally went live on the 4th of October.