Fujitsu to Conduct Blockchain Field Trial of Money Transfer Service with Three Major Japanese Banks. to conduct a joint field trial of a person-to-person money transfer service using blockchain technology. The trial will begin in January 2018 and last for about three months. Fujitsu has already initiated development of the trial system.
Through this field trial, Fujitsu will work to develop a service platform that is highly convenient for users in an increasingly monetarily diverse, cashless society.
There is a growing wave of digitalization with improvements in the performance of computers and innovations in such related technologies as AI and blockchain. In the financial industry as well, Fintech is representative of many emerging new services using cutting-edge technology. Against this backdrop, Fujitsu will commence field trials with three major Japanese banks that possess broad customer bases to evaluate the creation of new services in the field of person-to-person money transfers.
Overview of the Field Trial
1. Trial Period
- Building the trial system: September-December 2017
- Field trial: January-March 2018 (planned)
Verify the technology and functionality necessary for money transfer services between individual account holders at banks using blockchain technology.
3. Trial system under development
- Money transfer service platform between individuals utilizing blockchain technology
- Smartphone app for users of the service
- Transfer digital value between individuals' money transfer accounts created on the new money transfer service platform for individuals
- Evaluate the system's application of the series of processes involved in monetary transfers between individuals, including transferring funds from the money transfer account for individuals and the actual bank account linked with it
5. Points to be evaluated
- Seamless linkage between the money transfer account and the actual bank account (debits and credits of funds)
- Practical functionality and operability that improves convenience and provides a more user-friendly authentication user experience when interacting with the service
- Accuracy, safety and practicality in a series of processes, including clearing and settlement
Figure: Field trial image
(1) Money transfer account
A pseudo-account created on the money transfer service platform for individuals for each service user.
The calculation of the amount to be paid between banks, settling the funds transfers that occurred between money transfer accounts for individuals. In this instance, the process will be handled daily.
The payment and receipt between banks of the amount calculated in clearing, completing the transfer.
About Fujitsu Ltd
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 155,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.5 trillion yen (US$40 billion) for the fiscal year ended March 31, 2017. For more information, please see http://www.fujitsu.com.
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Source: Fujitsu Ltd
Fujitsu Limited Public and Investor Relations Tel: +81-3-6252-2176 URL: www.fujitsu.com/global/news/contacts/
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