Consortium Of 61 Japanese Banks To Release Instant Mobile Payment App Powered By Ripple

Consortium Of 61 Japanese Banks To Release Instant Mobile Payment App Powered By Ripple
The 61-bank Japanese Bank Consortium has partnered with Ripple to release an instant domestic money transferring app this fall.

The Japanese Bank Consortium will release an instant domestic payments mobile app, MoneyTap, using Ripples technology in the fall of 2018, Ripples blog reported yesterday, March 6.

The 61-bank consortium, led by SBI Ripple Asia, is representative of more than 80 percent of all of Japans banking assets, according to Ripple. Takashi Okita, CEO of SBI Ripple Asia, said in Ripples blog post:

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.

Three of the banks in the consortium, SBI Net Sumishin Bank, Suruga Bank and Resona Bank, will begin using the app this coming fall, while the rest of the banks will join in gradually. MoneyTap will allow users to make purchases 24 hours a day, every day of the week.

Ripple has long focused on building relationships with banks to use its payment technologies. In February, Ripple announced two new financial service partnerships; one with the Saudi Arabian Monetary Authority for use of its cross-border payment technology for banks within the country and another with Western Union, who is testing Ripples Blockchain-based settlement system for transactions.

This month, a South Korean bank also announced that it planned on using Ripples cross-border payment technologies for remittances, prompted by a Japanese-based test of Blockchain-based remittances involving Ripple and SBI Group.

07.03.2018 / 07:59 62
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