Japanese Consortium is launching a radical smartphone app dubbed “MoneyTap,” which enable the customers to settle transactions any day, anytime instantly (24/7). This MoneyTap mobile app is driven by Ripple’s blockchain technology.
MoneyTap comes as the first mobile app of a kind to be established and used by multiple, different banks simultaneously in the country.
Suruga Bank, Resona Bank, and SBI Net Sumishin Bank are among the top three members of the Japan bank consortium that will be going live for the first time on the mobile app in autumn of 2018. What will follow is a staggered rollout for the remaining part of the consortium.
Japan Consortium itself is has a total of 61 banks that account for over 80 percent of all the banking assets in the country. Being led by SBI Ripple Asia, the MoneyTap app efficiently enhances instant and direct banking for the majority of Japan’s residents.
The Japanese are mainly limited to business day to day transactions between 8:30 am and 3:30 pm which are the official working hours for most banks. Although discussions are being held to change the window on the present-day banking rail system to help make it open and manageable for 24 hours a day for seven days a week, the implementation cost is high.
Ripple has been working towards reducing problems of cross-border transactions to enhance their efficiency. Currently, about 100 financial institutions use xCurrent. Other than that, Ripple is also working with xRapid pilots responsible for incorporating XRP into the on-demand global payment flows.
MoneyTap mobile app release shows Ripple’s continued obligation and commitment to providing its partners all over Asia and the world with solutions powered by blockchain, thus dramatically improving the customer’s transaction experiences.
Additionally, MoneyTap aids in shedding the costs associated with the prevailing ATM and banking fees which at the moment are applied to domestic money transfers in Japan, thus making those payments quick and less costly.
Takashi Okita, the CEO of SBI Ripple Asia said that they were proud to leverage Ripple’s blockchain technology via their new MoneyTap mobile app, thus improving the payments structure in Japan.