Last Friday, November 9, MUFG and Ripple signed an agreement on joint development of payment solutions for processing transactions between Japan and Brazil. A Memorandum of understanding was signed on the same day.

The project also involved the Brazilian Bank Banco Bradesco, one of the largest financial institutions in Latin America. The platform will allow the Bank customers to transfer funds directly, without the services of correspondent banks.

In a press release published on the website of MUFG, emphasizes that both banks consider Ripple the best candidate for the development of the platform:

“By signing the Memorandum, MUFG has decided to start working on a solution for processing cross-border payments between Japan and Brazil with the advanced technology of Ripple. The new payment system created by Ripple […], will support banks in the process of commercialization of high-speed, transparent and traceable cross-border payments […] between Japan and Brazil.”

MUFG previously has expressed interest in the technology Ripple: during one of the industry events for networking in September of this year, a company representative said

“Today many of us have to use a SWIFT and to pay Commission fees; many banks-correspondents are part of this system, and as a rule, under the terms of the agreements, level of service, the transfer of funds takes from one to three days.”

News of the work Ripple with MUFG and Bradesco can support the positive dynamics of quotations of the asset, arising on the background thread news about the expansion of the network partners. This also affected profit Ripple: in late October, the startup has reported renewed sales of XRP in the third quarter of 2018.