Five banks from Japan decided to join forces and create financial services infrastructure with the blockchain technology in its core.
The new financial organization will comprise such banks as Bank of Iwate, Bank of Yokohama, Aomori Bank, Akita Bank and Yamanashi Chuo Bank that agreed to cooperate targeting development of a new platform called Fitting Hub. The platform will initially offer electronic delivery services which will become available in April, the official press release reads.
Earlier it was reported that trials would begin in July 2018 with the full-scale deployment in the course of the year.
The Fitting Hub is expected to boost a range of financial operations with IBM’s expertise to be applied to its processes.
Pursuant to the press release, such electronic delivery services allow receiving and managing form data from numerous institutions and companies on only one screen.
As the press release reads, financial institutions and businesses can benefit from jointly provided service as it can significantly reduce postage and mailing expenses making the system well-priced.
The Japanese banking segment is apparently advancing in adopting blockchain and crypto-related solutions this year. Notably, in February, Mizuho revealed its plans to start a crypto platform and issue a yen-pegged stablecoin. In the meantime, one of the major Japanese securities brokerages Daiwa announced it successfully completed trials of a blockchain-based post-trade processing tool.