Wednesday 22 May 2019

Akamai, MUFG launch JV for Blockchain-based payment network

DUBAI, February 18, 2019

Akamai Technologies, the intelligent edge platform for securing and delivering digital experiences, and Mitsubishi UFJ Financial Group, one of the world’s leading financial groups, today announced an expansion of their relationship through the establishment of a joint venture to offer a new blockchain-based online payment network enabling next-generation transaction security, scale and responsiveness. 
The joint venture named Global Open Network (GO-NET) is the result of more than three years of close collaboration between Akamai and MUFG.  Both Akamai and MUFG will be investors in GO-NET, which is expected to make the new payment network available in Japan during the first half of 2020. 
GO-NET aims to provide a comprehensive set of services, including support for existing payment processing functions, pay-per-use, micropayments and other developing IoT-enabled payment transactions, said a statement. 
Critical to the joint venture will be Akamai’s innovative Blockchain as a Service solution, which will leverage its globally distributed Intelligent Edge Platform to power the online payment network. Akamai’s Blockchain solution is proven to be capable of processing more than one million transactions per second at under two-second latency per transaction, which is orders of magnitude faster than existing solutions. 
In addition, transactions executed on the platform will be secured and accelerated by Akamai’s market-leading cloud security and performance offerings, which positions it extremely well as a robust enterprise platform for real-time transactions at scale. MUFG, as one of the world’s leading global financial groups with a long history and excellent reputation for trust, will provide extensive know-how of financial services and expertise in business development to bring sustainable growth and success to the joint venture, the statement said.
“This joint venture with MUFG sets the stage for a new blockchain-based online payment system that can better serve customers’ and partners’ payment processing needs,” said Dr Tom Leighton, CEO and co-founder of Akamai. “The collaboration between MUFG and Akamai over the last three years has demonstrated what is possible when industry leaders join forces to solve a challenging problem. Akamai and MUFG are committed to delivering innovative solutions at a level of security, scale and responsiveness never before achieved. 
“Financial services need to embrace digital innovation to meet greater demands for security, capacity and efficiencies, and to serve evolving market and consumer needs,” said Hironori Kamezawa, group CDTO of MUFG and CEO of GO-NET. “MUFG has high expectations for our joint venture with Akamai. Our goal is to enable rapid innovation in digital payment services, leveraging a transformative platform, with built-in security, hyper-scale and efficiencies. GO-NET aims to expand the payment network business to a global scale, and enhance the services to support diverse payment ideas in the upcoming IoT era.” –TradeArabia News Service


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