The Internet has changed our lives and society dramatically. The finance industry also needs to embrace new innovation. Japan leading new innovation in payments Cross-border payments have many issues including settlement speed and expensive fees. Even with domestic payments, hours are limited and fees are expensive for low value payments. As a result, Japan’s cashless ratio remains low compared to other countries. Background behind the Japan Bank Consortium With globalization of business and changing consumer behavior, There must be new innovations in payments. Real-time payments 24hrs/7days Emerging needs such as low value payments Cross-border E-commerce and business expansion of Japanese companies to Asia In order to address these emerging needs, banks have come together to launch The Japan Bank Consortium for cross-border and domestic payments RC Cloud – the world’s first and Japan-originated new payments platform RC Cloud is powered by a distributed ledger technology called Ripple solution which enables a flexible and efficient payments system It is the world’s first case to implement Ripple solution in a cloud environment. With this solution, we can unify domestic and cross-border payments Enable realtime payments 24hrs/7days Reduce cost of payments and create new business opportunities What we can achieve with RC Cloud: Customers and banks will be able to send money more easily and conveniently For examples, low value payments at a coffee shop or a party Split travel costs with friends Remit money to children who are studying overseas Online shopping payments New era, new payments What’s happening is a “Payment Revolution” in Japan Cash-less ratio will rise. Remittance market will grow. Banks lead a new future. With RC Cloud, Japan will lead the FinTech revolution.