Ripple’s Global Payments Steering Group Adds BTMU to its Constituency

Ripple, a San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term firm, has secured a new member of its Global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Steering Group (GPSG), adding MUFG’s banking arm, the Bank of Tokyo-Mitsubishi UFJ (BTMU).

BTMU is the third largest bank in the world and largest bank in Japan – its addition gives the GPSG its first Japanese banking member. BTMU joins the existing group of Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC. The GPSG helps oversee the maintenance and development of payment transaction rules and formalized standards for the commercial use of Ripple’s network.

For its part, the bank’s addition to the GPSG represents a further commitment to pursing fintech research and development, which has to date undertaken a number of initiatives designed to improve customer experience and contribute toward global expansion of financial services.

According to Brad Garlinghouse, Ripple’s CEO, in a statement on the addition: “We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly. While many others continue to play in the sandbox, we’re thrilled MUFG has joined us in our mission to revolutionize payments globally.”

“We are pleased to join Ripple’s Global Payments Steering Group. MUFG is working extensively in fintech to provide better services to our customers and society. Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network,” explained Hirofumi Aihara, General Manager, MUFG Digital Innovation Division.