MoneyTap, The First Remittance App For Japanese Banks, Kicks Off

Oct 04, 2018 at 22:53

Ripple and Japanese financial services giant SBI Holdings has kicked off their joint blockchain money remittance app—the first of its kind in the country.

“The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan!” Ripple announced on its Twitter account.

Initially, MoneyTap users can send money between and among participating banks, namely SBI Sumishin Net Bank, Suruga Bank and Resona Bank, without fees.

On its website, Money Tap said it will increase compatible banks sequentially.

The app utilizes Ripple’s latest blockchain solution, XCurrent, to enable users to remit money between individuals safely, in real time and comfortably.

Through the app, users can transfer money by using mobile phone number or QR code. Users can also access the app using biometric authentication by fingerprint.

MoneyTap is available for both iOS and Android devices.

In previous announcements, MoneyTap will be used by the 61-member Japan Bank Consortium led by SBI Ripple Asia. The consortium represents 80 percent of all banking assets in Japan.

Last month, SBI Ripple Asia said it has completed the registration of MoneyTap, in compliance with the reforms implemented on the banking law effective June 1 this year. (http://www.sbigroup.co.jp/news/2018/0926_11274.html).