On 4th October, Ripple announced that the Japan Banking Consortium has launched MoneyTap for real-time settlements of domestic payments in Japan. MoneyTap is an xCurrent powered payment bridge launched by Ripple to make payments faster and more seamless.
Transactions in Japan can only occur on weekdays between 9:00 am and 3:00 pm, with heavy delays otherwise. The financial institutions are closed on the weekends, which has resulted in people looking at different avenues for different modes of transactions. The app can offer consumers the opportunity to transfer money instantly 24/7, thus marking a sea change over the existing systems.
The launch of MoneyTap is aimed to reduce the drastic wait times by eliminating archaic transfer methods. MoneyTap allows users to make transfers to bank accounts, phone numbers or QR codes linked to accounts.
Takashi Okita, the CEO of SBI Ripple Asia which is a part of the Consortium, had earlier stated:
“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.”
MoneyTap also aims to reduce the costs levied on transactions by shedding cost associations and ensuring that payments are done quickly and securely.
Emi Yoshikawa, Ripple’s director of joint venture partnerships, had also commented:
“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain…”
MoneyTap’s release comes in the wake of SBI Ripple Asia which is a subsidiary of SBI holdings registered as a substitute agent for electronic payments. This circular is the one that initiated MoneyTap’s entry into the financial space, complying with Act No.2 of Kanto Local Finance Bureau, Electronic Settlement Agency No.2. Post this announcement, SBI Ripple Asia had said:
“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” will be properly implemented in the future”
Ripple’s foray into the banking space has occurred right after the conclusion of Swell 2018, Ripple’s global event which also witnessed the announcement of the commercial availability of xRapid. It was even revealed that Ripple has partnered xRapid with three firms namely, Cuallix, Mercury fx, and Catalyst.
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