The Mitsubishi UFJ Bank of Japan (MUFG) has just announced the signing of a Memorandum of Understanding (MOU) with Banco Bradesco of Brazil. The collaboration will be to develop a new cross-border payment service, using the XRapid and XRP technologies of Ripple between the two countries.
The MUFG Bank, based in Tokyo, is the fifth largest bank in Japan and the world in terms of total assets. Bradesco Bank is headquartered in São Paulo. Ripple, which is the leader in cross-border payment solutions, will use its global payment network to connect the two banks and will offer "a friction experience to send and receive money globally."
Ripple tweeted about the collaboration through its official Twitter control.
"@Bradesco and @ btmu_official are taking advantage of #blockchain Ripple technology to create a new cross-border payment service between Japan and Brazil."
– Ripple (@Ripple) November 9, 2018
According to the press release, MUFG Bank declared
The new payment system, developed by Ripple, will help banks while working to market a high-speed, transparent and traceable cross-border payment solution between Japan and Brazil. The MOU is an extension of a collaboration agreement of September 2017 between MUFG Bank and Bradesco. In addition, it represents the most recent commercial commitment of the banks. "
The collaboration would help the Japanese bank to expand its services to Brazil. Ripple is also in a roll with another great ad. They simply can not stop being in the news.
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