MUFG Bank and Banco Bredesco signed MOU to use Ripple’s Technology

Banco MUFG Brasil, subsidiary of MUFG Bank signed a Memorandum of understanding (MOU) with Banco Bradesco S.A. to collaborate on a new cross-border payment service.

Through this MOU, MUFG Bank has decided to start the collaborative development for cross-border payments between Japan and Brazil, utilizing Ripple’s cutting-edge technology. Ripple will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.

The MOU is an extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco, and represent the banks’most recent business engagement. In 2017, MUFG Bank said it would join Ripple’s interbank group of leading transaction bankers responsible for building, maintaining, and enhancing rules which ensure operational consistency and legal clarity to support the Ripple global payments network.

Source: MUFG Bank, Ltd.