Project Pax: Innovative Collaboration Among Japanese Banks for Cross-Border Payments
Friday, 6 September 2024, 04:38
Project Pax and Japanese Banks' Vision
Japanese banks MUFG, SMBC, and Mizuho have made strides in cross-border payments through the implementation of Project Pax. This initiative focuses on utilizing a stablecoin platform to facilitate faster and more transparent payment solutions.
Key Technologies
- Corda
- Ethereum
- Polygon
- Cosmos
- Avalanche
The incorporation of these technologies is crucial for AML compliance and international settlements.
Strategic Objectives
- Enhancement of cross-border payment speed
- Transparency in transactions
- Alignment with G20 goals for financial innovation
Furthermore, Project Pax aligns with initiatives like Partior and the BIS Project Agorá, reinforcing the commitment to modernize financial systems.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.