SBI Ripple Asia announced yesterday that the consortium of 61 Japanese banks will release a Smartphone App with the name “MoneyTap”, which is based on the Blockchain technology of Ripple. The App from the autumn of 2018 out of a phased rolled out.
SBI Ripple Asia is a Joint Venture of the Japanese financial services provider SBI Group and Ripple. Originally, the consortium was founded in November of 2016, from 42 banks in order to develop a common Blockchain solutions for payments in Japan. The Japanese Bank consortium led by SBI Ripple Asia, now consists of 61 banks that participated, more than 80 percent of the total banking assets in Japan club.
With the App, which will bear the name “MoneyTap”, customers of the banks in the consortium to manage of Japan transactions around the clock, seven days a week. Currently, the flexibility in the case of domestic payments in Japan is very limited. The current Payment Clearing network “Zengin” allows domestic Transfers only between 8.30 and 15.30, with additional Appropriate be incurred.
“MoneyTap” is a joint development of the 61 banks in collaboration with Ripple. The Ripple technology forms the basis for payments in real time (“Instant transactions”) may be carried out. In addition, MoneyTap to help individual Bank customers, the fees are reduced, the incurred currently, in the case of domestic money transfers in Japan.
In the fall of 2018, the first three members of the Bank consortium, namely, the SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, the Smartphone will introduce App. The Rollout to the other 58 banks should be staggered in the further course of time.
Bank customers of the consortium can make about “MoneyTap” domestic payments via a QR Code, a phone number or a Bank account number.
The release of the App follows a pilot project that has already been tested over a year ago by the Bank group for transactions within Japan successfully. Since then, the group has also tested international payments to South Korea and Thailand.
Currently, more than 100 financial institutions using or testing the Ripples of the product xCurrent. In addition, Ripple has been able to recently announce a new Partner for a pilot project of his XRP-Token-based payment system xRapid. Despite the cancellation, that Ripple will be listed on Coinbase, reported the company in recent weeks, a number of positive messages.
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