Japan's MUFG Bank and Brazil's Banco Bradesco are teaming up to develop a cross-border payments service based on distributed ledger technology from Ripple.
The banking giants have inked a memorandum of understanding to use Ripple's network to commercialise high-speed, transparent and traceable payments between Japan and Brazil.
MUFG is a strong Ripple backer, among a consortium of Japanese and Korean banks that have been working on a trials of a similar real-time cross-border funds transfers service.