Akamai is based in Cambridge, Massachusetts, and, per Nikkei, the new platform will provide “high-speed, large-capacity services” and serve a number of financial needs, including support for billing and micro payments. The platform will reportedly make its debut in February or March next year.
The media outlet claimed that the two firms have created a joint-venture business named Global Open Network and plan to utilize the new platform in “various payment scenarios” to meet the challenges of the IoT (Internet of Things) era.
The deal will also reportedly involve the Japanese firm Seiko Solution and its CREPiCO network, billed as Japan's first wireless credit card payment service.
Global Open Network additionally reportedly plans to launch a service that allows one-touch MasterCard payments at stores, selling machines and additional — with 80% lower network affiliation fees (a common bugbear for micro payment process firms).
MUFG and Akamai are together researching blockchain technology for many years. In could 2018, they jointly declared the event of a replacement blockchain network that will offer services for a new payments platform.