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MUFG joins Ripple's Global Payments Steering Group

First Published 3rd April 2017

MUFG's Bank of Tokyo-Mitsubishi is the first Japanese bank to join GPSG.

Brad Garlinghouse, Ripple

Brad Garlinghouse, Ripple

MUFG's banking arm The Bank of Tokyo-Mitsubishi UFJ (BTMU) is joining Ripple's Global Payments Steering Group (GPSG).

As the first Japanese bank joining GPSG, MUFG will join Bank of America Merrill Lynch, Santander, Standard Chartered, Westpac Banking Corporation, Royal Bank of Canada and CIBC in overseeing the maintenance and enhancement of payment transaction rules and formalized standards for commercial use of Ripple's network.

"We welcome MUFG, one of the largest and most advanced banks in the world, to the growing number of Ripple customers moving actual money across borders, instantly," said Brad Garlinghouse, Ripple's CEO.

MUFG said it aims utilize fintech to improve customer experience and contribute toward global expansion of financial services. The partnership with Ripple intends to address the pain points of existing systems and challenges of cross-border payments, including delays, cost, and lack of visibility.