Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi Corporation announced they intend to use Ripple (XRP) distributed notebook technology for international money transfer.
According to Mitsubishi, the use of distributed notebook technology in international money transfer will reduce transaction costs and time.
It was announced that the UK would also be included as a major participant in the tests
It was also stated that the practical use within a few years was aimed at.
In addition, we use the International Banking and Communications Association (SWIFT) network. In most cases the transaction is going through multiple banks and usually lasts for a few days. "
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