According to analysis done by Ripple, looking at retail remittances and corporate payments, distributed ledger technology has the potential to bring down transaction costs by 60 and 50 percent, respectively.
The consortium was launched in October and represents over 30 percent of all banks in Japan, according to Yoshikawa .
The platform allows member banks to do real-time money transfers in Japan as well as make cross-border payments at a significantly lower cost.
This follows a successful implementation of a pilot program, where the 47-member consortium used technology from blockchain start-up Ripple for a cloud-based payments platform called RC Cloud.
"The objective of the consortium is to make domestic and corporate payment efficient by taking advantage of the latest distributed ledger technology available in the world," Emi Yoshikawa, Ripple`s director of joint venture partnership, told CNBC.
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