Japanese Banks Invest In MoneyTap App using Ripple’s xCurrent

Ripple continues to conquer new territories: the partner of the company, financial giant SBI, stated that Japanese banks are ready to invest in MoneyTap, an application for mobile payments backed by Ripple’s technologies.

According to the SBI report, 13 more banks are investing in MoneyTap. The list of new investors includes Seven Bank, which is the largest ATM operator in Japan with more than 25,000 ATMs throughout the country.

MoneyTap was launched in October 2018. The application provides customers of the banking consortium with the ability to make instant domestic money transfers requiring only a bank account, phone number or QR code. The application uses xCurrent from Ripple, offering lower rates for domestic transfers and use of ATMs.

Currently, MoneyTap is used by three banks — SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Clients of any of these financial companies can use the application to transfer money 24/7, 365 days a year, with zero commission.

Image courtesy of Disrupt Block