The Japanese Bankers Association (JBA) is working toward the development of a common blockchain platform for the country’s banks to begin trials of core banking processes including money transfers.
The JBA is essentially an association that represents and works on behalf of 252 member institutions that are either headquartered or operate with branches in Japan. The association includes full member banks, bank holding companies, bankers’ associations and associate member banks that include nearly 50 foreign banks with a presence in Japan.
Notably, the JBA is also the operator of the Zengin System, the nationwide payments clearing platform that supports domestic funds transfers between banks in the country. As the operator of the country’s domestic fund transfers platform, it is telling that the association is looking at new financial innovation, particularly blockchain technology.
As reported by Nikkei, the association is aiming to provide a common platform for members of all sizes to run experiments with the technology. Details remain scarce but the bankers’ association has reportedly confirmed its advent toward exploring distributed ledger technology on Thursday.