Banking giant Mitsubishi intends to use Ripple’s technology

Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi Corporation have announced their intention to use Ripple (XRP) distributed ledger technology for international money transfer.

According to Mitsubishi, the use of distributed ledger technology in international money transfer will reduce transaction costs.

It has been announced that Standard Chartered from England will also take part as a major participant in the tests to be carried out.

Additionally, “In the current international remittance method, we use the International Banking Communication Association (SWIFT) network, which includes the financial institutions of each country. In most cases, the transaction goes through multiple banks and usually takes several days.”

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