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Fujitsu in New, Blockchain-Powered Inter-Bank Settlement System Field Trial
Supporting fintech field trial by Zengin - net as an application development vendor
Fujitsu Limited
Tokyo, October 29, 2018
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.
By participating in this project, Fujitsu aims to establish a new platform that utilizes cutting-edge technology to help realize a cashless society.
Field Trial Details
1. Trial Structure
Operating Entity |
: |
Japanese Banks' Payment Clearing Network |
Participating Banks |
: |
Zengin - net's board of directors; nine banks:
Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Resona Bank, The Joyo Bank, THE BANK OF FUKUOKA, THE NISHI-NIPPON CITY BANK, Sumitomo Mitsui Trust Bank, The Keiyo Bank |
Application Development Vendor |
: |
Fujitsu Limited |
2. Trial Goal
Conduct a functionality trial of a digital currency as a new system for inter-bank settlement(6) using blockchain technology, as well as to test the practical aspects surrounding the system (such as performance and security) if blockchain technology were adopted, confirming the technology's viability.
3. Trial Scope
The trial will test a system for inter-bank settlement and value transfer using a digital currency (the issuance, transfer, and collection of the digital currency) in an Inter-bank Settlement platform. (Figure)
4. Trial Details
The issuance, transfer, and collection of the digital currency used for inter-bank settlements will be evaluated in the following ways:
Issuance: After receiving a request from a bank, Zengin - net will issue digital currency to the bank on the new Inter-bank Settlement platform.
Transfer: When the necessity of interbank funds transfer settlement arises (in this case, through the use of the P2P money transfer platform), settlement (interbank payment) will be conducted by transferring digital currency from the originator bank to the receiving bank.
Collection: After receiving a request from a bank, Zengin - net will collect the digital currency issued to the bank on the new Inter-bank Settlement platform.
5. Trial Environment
The trial will use a testing environment provided by Fujitsu on the JBA's Collaborative Blockchain Platform.
Related Links
Fujitsu Cloud Service Adopted by Japanese Bankers Association for Blockchain-based Financial Service Testbed (press release, September 14, 2017)
About Fujitsu
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 140,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.1 trillion yen (US $39 billion) for the fiscal year ended March 31, 2018. For more information, please see www.fujitsu.com.
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All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.
Date: 29 October, 2018
City: Tokyo
Company:
Fujitsu Limited