Mitsubishi UFJ Financial Group (MUFG) is among more than 30 global banks collaborating with SWIFT on a blockchain-based 'shared digital ledger.' This initiative aims to modernize international bank transactions.
The project's initial focus is on enabling real-time, 24/7 cross-border payments, which is expected to make the process more efficient and cheaper. Currently, international transactions can take several days to complete.
MUFG's involvement underscores its commitment to technological innovation in financial services. This collaboration positions the bank at the forefront of developing next-generation payment systems that could transform global finance.
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