Banks to offer better way to send money abroad in 2018

UK-Japan News May 2017

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and six other international banking groups, including Standard Chartered plc and The Royal Bank of Scotland plc, are to launch a faster and lower-cost cross-border wiring service that uses blockchain technology, the Nikkei Asian Review reported on 31 March.

The cost of maintaining the systems used for transfers is expensive, and the blockchain will allow banks to create a service that does not require costly servers. Advanced encryption will also make data difficult to falsify.

BTMU plans to offer the service to individuals in 2018.