SBI Ripple Asia and Japan Payment Card Consortium formed a Proof of Concept (PoC) partnership to help combat fraud using Blockchain technology. The PoC is expected to take place on R3’s blockchain platform Corda.
SBI Ripple Asia and the Japan Payment Card Consortium announced a partnership to curb the issue of fraud. They announced a joint Proof of Concept (PoC) partnership to combat fraud using blockchain technology. This is according to reports published on November 16, 2018.
The PoC will prevent damages caused by fraudulent transactions by enabling real-time sharing of data between parties transacting on the blockchain.
The Japan Payment Card Consortium takes account of nine major credit card issuers. These issuers include: American Express (Amex), Credit Saison and Toyota Finance. They also have two payment-card technology providers as members.
SBI Ripple Asia is a joint venture between the Japanese financial services giant SBI Holdings and blockchain firm Ripple. Ripple, since its inception in 2016, has been working to provide blockchain-powered solutions for the financial and enterprise sector.
According to reports, Corda was preferred for the PoC because of its data privacy and security setup. The released report pointed out that data in the system is to be shared only with those that have a need to know.
For the PoC to work effectively each company will have to own a Corda node. Although individual companies have the liberty of implementing its own security policy, data sharing among the nodes will be secured by Corda.
TIS, a Japanese IT services provider, will reportedly develop a secure and scalable information sharing system for the Corda-based PoC. TIS is also a member of the R3 consortium.
At the PoC stage, information will only be shared among the participating card companies. In the future, the consortium will consider whether to extend data sharing capabilities to a wider range of parties such as merchants and payment service providers (PSPs). This will help protect against industry-wide fraud.
To test the new PoC, Hewlett Packard Enterprise (HPE)’s Mission Critical Distributed Ledger Technology (DLT) Lab has been chosen as a desirable and secure host environment.
According to reports in October, SBI Ripple Asia’s consumer-centered payments app MoneyTap has gone live after it successfully secured a license from domestic financial regulators.
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