Japan's Mitsubishi UFJ Bank (MUFG) announced the signing of a Memorandum of Understanding with the Brazilian Banco Bradesco Bank. Collaboration will develop a new cross-border payment service between two countries using Ripple's xRapid and XRP technologies.
Tokyo-based MUFG Bank is the largest in Japan and the fifth largest in the world in terms of total assets. Banco Bradesco is located in São Paulo. The leaders of cross-border payments solutions, Ripple, will use the global payment network to connect both banks and "deliver a single frictionless experience to send and receive money globally".
fluctuation tweeted About collaboration with the official Twitter ID.
. @Bradesco and @btmu_official take advantage of Ripple's #blockchain technology to create a new cross-border payment service between Japan and Brazil. “
– Ripple (@Ripple) 9 November 2018
According to the press release, MUFG Bank
The new payment system developed by Ripple will help banks commercialize a high-speed, transparent and traceable cross-border payment solution between Japan and Brazil. MOU is an extension of a September 2017 cooperation agreement between MUFG Bank and Bradesco. Moreover, it represents the bank's newest business relationship Dah.
The cooperation would help the Japanese bank to expand its services to Brazil. The ripple is also on a roll with another great explanation. They just can't stop being on the news.
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