The Japan Bank Consortium has launched a Ripple-based platform dubbed as MoneyTap. This is a real-time solution to settling payments. Ripple made the announcement in a tweet on its Twitter handle where the firm described the app as a “…Ripple powered payment app…”
Hence, the over 123 million residents of Japan will be able to benefit from the MoneyTap app as they transact with local banks that are members of the consortium group of Banks. The association has 61 Banks as members and controls over 80% of banking services in Japan.
MoneyTap is now live for users to access. However, only three Banks are live at the moment-Suruga Bank, Resona Bank, and SBI Net Sumishin Bank. The remaining 58 Banks are expected to be live after in-house reorganization and development of supporting infrastructure.
This Project Is Part Of the SBI Ripple Asia Initiative
In September 2018, Ripple and SBI Holdings announced plans to jointly develop a money transfer solution in a mission dubbed as SBI Ripple Asia. In the initiative, Ripple was to offer a platform that enables SBI services users to have quality money transfer services that are based on the Ripple protocols. The mission of the developers was to create a mobile-friendly solution for practical adoption. This has since been fulfilled through the development of the MoneyTap App. SBI Ripple Asia is the leading party of the Japan Bank Consortium.
MoneyTap is the first of a kind mobile money transfer app. The uniqueness is largely on the fact that the app can be used by different banks customers simultaneously.
MoneyTap fosters a new banking experience for domestic and foreign services. It connects banking accounts of peers for money remittance transactions in Japan across the different banks. It is easy to use as no account is required; only a person’s mobile phone, a listed bank account, and a MoneyTap app are needed to access the service. The app can be downloaded from Google Play Store.
In regards to the transfer fees for using the App, all the three banks that are already live are charging zero fees to receive and send funds.
MoneyTap has three main features, smart and simple remittance, instant money transfer, and round the clock availability. It is smart and simple as a user is only required to know the QR code or phone number of the remittee. Additionally, on the smart aspect of the platform, the app has provisions for fingerprint authentication, application registration through authenticated application launch, and other security features. Further, MoneyTap revolutionaries banking services as it makes it easy for account holders to directly access their money at all time for all their needs.
Ripple’s Prospects Are Looking Upwards
Ripple’s XRP recorded the largest gains in the top ten Cryptocurrencies at 3.58%. The market capitalization which is the third largest at $21 billion is quickly closing in on Ethereum’s $22 million and Ripple may be the second largest Cryptocurrency in the world in the coming weeks.
Meanwhile, Ripple’s Swell Customer Conference ended in San Francisco CA with positive notes of assurances from the Former US President Bill Clinton. Additionally, there was the far-reaching speech by CEO Brad Garlinghouse dubbed the “Internet of Value”.