The Brazilian bank Bradesco has agreed a partnership with the largest Japanese bank MUFG (former Bank of Tokyo-Mitsubishi) for the launch of an international money transfer service based on Ripple's blockchain technology.
Customers of both banks will be able to use the service, with Bradesco described as an international money transfer service "in real time and at low cost". Transfers will be available at the branches by September 2019, then implemented through the digital channels of the bank.
The service is also described by Bradesco as a launchpad to extend functionality to its international network of partner banks, which is expected to happen in the coming months.
Currently, international bank transfers can take up to two days to be processed and commissions for consumers start at $ 30 and can go up to R $ 450 depending on the amounts involved.
In recent years, Bradesco has placed efforts on blockchain technology to simplify operations and costs, while improving services and products.
The bank – which is one of the largest in Brazil and has acquired the local activities of HSBC in 2016 – has technology as one of the key strategic priorities of its open innovation program, InovaBRA.