Five Japanese banks joined forces to run the infrastructure of financial services based on blockchain technology, said in a press release.

The Bank of Iwate, Bank of Yokohama, Aomori Bank, Akita Bank, and Yamanashi Chuo Bank will work together on the blockchain the platform, called the Fitting Hub. The founders of the company-operator of the DLT platform also includes the Japanese unit of IBM, and telecommunications giant NEC Corporation.

Platform Fitting Hub designed for mutual provision of financial services. Integrating the functions of authentication, it will allow customers to access financial services institutions, which they were not registered.

The first service on Fitting Hub is scheduled to launch in April. This is an e-delivery service, which will allow to manage user form from several financial institutions and companies on a single screen.

“For financial institutions and business operators that provide services, joint provision can make the solution inexpensive compared to individual systems, as well as significantly reducing shipping time and postage costs”, — is underlined in the statement.

Earlier, three major banking groups of Japan closed the joint blockchain-a project providing peer-to-peer mobile payments to develop their own cryptocurrency. Mizuho Financial Group (MHFG) launches tied to the yen stablein J-Coin and the relevant mobile payment application this month. Mitsubishi UFJ Financial Group plans to release its stablein MUFG Coin later and jointly with the American company Akamai is implementing a project of a payment network based on the blockchain.