Mitsubishi UFJ (MUFG) aims to roll out a blockchain-enabled payments platform for micropayments.
The platform, powered by Akamai, is set for delivery in 2019 and will be able to process a million transactions per second and have the ability to finalise transactions within two seconds.
The bank believes there is also potential to further scale this processing ability to 10 million transactions per second.
The bank is understood to be planning a pilot trial early next year with around 100,000 account holders at a few select merchants in Tokyo.
MUFG has also partnered with Standard Chartered to trial new cross-border payments with Ripple’s blockchain network.
In addition, MUFG has created a dedicated unit to harness the power of artificial intelligence (AI) for the bank’s various business arms.