SBI Ripple Asia teamed up with the Japan Payment Card Consortium (JPCC) to launch a proof of concept (PoC) on sharing payment card related fraud information using blockchain technology. The PoC will aim to prevent the spread of damages caused by fraudulent transactions by sharing information on a real-time basis among related parties using blockchain.
The nine major credit card issuers of the JPCC are American Express, Aeon Credit, EPOS Card, Orient Corp., Credit Saison, JCB Co., Toyota Finance, Sumitomo Mitsui Card, Sumitomo Mitsui Trust, as well as two payment-card technology providers, TIS Inc., and Hewlett-Packard Japan.
The PoC will be conducted on blockchain consortium R3's Corda enterprise blockchain platform. Each company will own a Corda node and the data sharing among the nodes will be secured by Corda, with each company implementing its own security policy.
The information sharing system on R3 Corda will be developed by TIS, a member of R3's partner ecosystem. The consortium will utilize Hewlett Packard's HPE Mission Critical Distributed Ledger Technology (DLT) Lab as the test environment, which is provided by a Corda-optimized HPE Integrity NonStop server.
The information will only be shared among the participating card companies for the PoC. However, the consortium also intends to share information in future with a wide range of parties, including merchants and payment service providers (PSPs).
Further, the payment card industry is expected to use the blockchain technology not only for sharing information and preventing fraud, but also for identifying customers, issuing local currencies, and point management etc.
Additionally, the JPCC intends to establish an effective settlement environment by improving the user experience, thereby reducing social costs and improving productivity in a cashless society.
In early October, SBI Ripple Asia had partnered with the "Japan Bank Consortium" to launch a blockchain money transfer application on smartphone, called 'Money Tap,' a Ripple-powered payments app to offer real time settlement for domestic payments in Japan.
SBI Ripple Asia was granted permission to launch the app after it completed registration with Japan's Ministry of Finance as a licensed agent for handling electronic payments.
SBI Ripple Asia is a joint venture between Japanese financial services giant SBI Holdings and blockchain firm Ripple.
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