Payment card manufacturers will exchange fraud information on the blockchain

SBI Ripple Asia has teamed up with the Japan Payment Card Consortium (JPCC) to launch a proof of concept (PoC). The companies intend to provide an environment in which payment card manufacturers can share information about fraud, thereby preventing the further spread of illegal transactions.

The initiative will include American Express, Aeon Credit, EPOS Card, Orient Corp., Credit Saison, JCB Co., Toyota Finance, Sumitomo Mitsui Card, Sumitomo Mitsui Trust, as well as two technology providers, TIS Inc. and Hewlett-Packard Japan.

The proof of concept will be carried out on the R3 Corda consortium blockchain. Each company will own a node, and Corda will facilitate communication between these nodes. Moreover, each company will implement its own security policy.

For now, the information will be available only among companies participating in the proof of concept. However, in the future, the consortium intends to share this information with more parties, including merchants and payment service providers.

In addition, the payment card industry is expected to use blockchain technology not only for information exchange and fraud prevention, but also for customer identification, local currency issuance, etc.

In addition, in early October, SBI Ripple Asia entered into a partnership with the Consortium of Japanese Banks to launch Money Tap, a mobile application for making domestic payments in Japan. SBI Ripple Asia has received permission to launch the application after registering with the Japanese Ministry of Finance as a licensed agent for processing electronic payments.