MUFG Bank and Banco Bradesco Agree to Develop Cross-border Payment Service
MUFG Bank, and its wholly owned subsidiary, Banco MUFG Brasil, have announced the signing of a memorandum of understanding (MoU) with Banco Bradesco to collaborate on a cross-border payment service.
Through this MoU, MUFG Bank has decided to start the collaborative development for cross-border payments between Japan and Brazil, using Ripple’s technology. The payment system – developed by Ripple – will assist the banks as they work toward commercialising a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil. 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.
The MoU is an extension of an existing September 2017 collaboration agreement between MUFG Bank and Bradesco, and represents the banks’ most recent business engagement. The relationship between MUFG Bank and Bradesco dates back to 1973 when an MUFG Bank predecessor bank invested in the Brazilian financial institution.