In the past few weeks, there has been a lot of talks about Ripple’s [XRP] technology being accepted by many domains. The Japan Bank Consortium, a syndication 61 Japanese banks had confirmed their use of Ripple’s technology in their banking system. The latest update about the Consortium is the innovational release of the smartphone application called ‘MoneyTap’.
MoneyTap is a mobile application backed by Ripple’s blockchain technology which allows the customers of the Consortium to settle transactions immediately. This is the first ever app to be developed in this niche. No other app provides transactions on multiple bank accounts in one.
Takashi Okita, CEO of SBI Ripple Asia says:
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan.”
SBI Net Sumishin Bank, Suruga Bank, and Resona Bank – three among the Japan Bank Consortium will be piloting this mobile app. It will be going live in the autumn of 2018. Following this introduction, the other members of the Consortium will also incorporate the app into their banking system.
The Consortium is led by SBI Ripple Asia which comprises of 61 Japan banks covering up to more than 80% of the banking assets of Japan. This can act as a catalyst for the mobile app ‘MoneyTap’ to run successfully as it has the potential to provide on-demand payments to the majority of the population.
MoneyTap provides a 24 hours service which is very beneficial to Japan. Japan banks currently have an inflexible domestic payments timings, restricted to between 8.30 am to 3.30 pm only. If made otherwise, the payments can be delayed. MoneyTap allows the customers to make prompt domestic payments.
The details required to make transactions include the bank account, phone number or the QR code.
The app also aims at making banking almost cost-free by shedding cost associations with the existing banking process and ATM withdrawal fees that are levied on domestic transactions.
Takashi Okita also comments:
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Emi Yoshikawa, director of joint venture partnerships, Ripple comments:
“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain…”
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