Earlier this month, Ripple had announced that MoneyGram will be testing its platform for payment transfer. The news was followed by another announcement saying that IDT corporation and MercuryFX has entered into an agreement to test xRapid platform of Ripple. Yesterday, SBI Ripple Asia, a joint venture company between the Japanese firm SBI and San Francisco based block chain company Ripple, announced that it is forming a consortium of about 18 companies to study the use of Distributed Ledger Technology (DLT) in securities products.
The primary objective of the consortium is to conduct proof of concept testing on emerging technologies, including block chain, to reduce costs and improve efficiency for customers. Notable firms in the consortium include Nomura, Daiwa, and SBI securities.
In particular, the consortium will try to implement a shared log-in solution for brokerage accounts of customers using biometrics and other personal identifying information. The consortium is also aiming to use artificial intelligence to screen trading activity. The implementation of such facilities, planned to be developed with block chain technology, will increase the users convenience.
Recently, SBI Ripple Asia has also formed a consortium of leading credit card companies in Japan. Again, the objective is to reduce cost and improve customer satisfaction.