The financial organization, MUFG (investment banking arm of the Mitsubishi UFJ Financial Group), which was ranked by Bloomberg as the eighth largest bank in the world, has announced the signing of a Memorandum of Understanding (MOU) with Banco Bradesco S.A. to collaborate on a new cross-border payment service.
The announcement states:
“The new payment system, developed by Ripple, a San Francisco-based software vendor, will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”
It’s said that Ripple in cooperation with MUFG would responsible for "building, maintaining, and enhancing rules which ensure operational consistency and legal clarity" of the new global payments system.
Previously, payment industry giant SWIFT’s (the Society for Worldwide Interbank Financial Telecommunication) spokesperson clearly put an end to the rumors, which suggested a partnership with Ripple.
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