Despite the drop in prices and many feeling as the confidence in cryptos is declining, for a few weeks now a lot of talk is going on about how Ripple’s technology and their solutions are being adopted and accepted in various networks. The Japanese bank Consortium [made of 61] announced lately that they will be using Ripple’s innovative tech for their financial services and test it in their banking system. One of the latest updates from the Consortium is the release of the app named MoneyTap.
Supported on the Ripple blockchain technology, MoneyTap allows costumers using the services offered by the Consortium to complete transactions very speedy. It is definitely a one-of-a-kind app.
CEO of SBI Ripple Asia – Takashi Okita, added:
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan.”
The first ones to try out and pilot the app will be Suruga Bank, SBI Net Sumishin Bank and Resona Bank this fall. Afterwards, accordingly following the other members and financial institutions of the Consortium will also implemented the app.
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.
The application offers a 24-hours full day service which is very beneficial for the place where it is being introduced as banks in Japan are not that flexible when it comes to payment timing as restriction are there allowing only between 8.30 am – 3.30 pm. If they are declared earlier or later, the payments and transactions can be delayed. That is one of the reasons why individuals will be have MoneyTap as their favorite. What is need to conclude the transfer is the phone number or QR code and bank account.
“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.”