TOKYO -- Japan's three megabanks are working on a framework for instant international payments that uses blockchain technology on top of existing payment infrastructure, eyeing commercial use next year, Nikkei has learned.

Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group will begin trials as early as this fall with more than 10 other lenders in Japan and overseas. The banks envision the setup as being mainly for transactions between companies, such as trade settlement, with the possibility of consumer usage in the future.