Mitsubishi UFJ Financial Group (MUFG), the world’s fifth-largest financial group by assets, is launching a new blockchain-based payment system.

According to a press release published on Feb 12, MUFG is working on the project in partnership with the United States content delivery network Akamai Technologies, aiming to launch the platform by the first half of 2020.

Dubbed the “Global Open Network,” the system will be capable of processing over a million transactions per second. The platform aims to utilize MUFG’s payment industry, cement its standing in the increasingly competitive blockchain payments market. Moreover, the companies are also looking to integrate internet of things (IoT) and Akamai’s cloud computing platform into the network.

MUFG and Akamai had first announced a partnership in May of last year. The new venture launches with a capital of 250 million yen ($2.26 million), with MUFG having an 80 percent stake and Akamai the remaining 20 percent.

“The new payment network will be a diverse payment service equipped with an interface that can be used as a communication network, and including functions for the transfer and management of value through blockchain.”, MUFG added

“This will allow a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers.”