Japanese banks start using Ripple MoneyTap service

Posted 04 October, 2018

SBI Ripple Asia, the JV between SBI Holdings and Ripple, has announced operating stage of its blockchain-based payment service – MoneyTap.

"The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real-time settlement for domestic payments in Japan," noted Ripple in its social network.

The new application will reportedly be applied by Japan Banking Consortium to real-time domestic payments in Japan.

MoneyTap is available for Android and iOS and enables users to send money using mobile phones or QR-codes. The service is based on Ripple's payment system xCurrent.

According to the released report, MoneyTap is launched by three Japanese banks –  SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Users can send money in yen or foreign currencies enjoying zero fees.

For reference, xCurrent by Ripple is based on a distributed ledger and becomes quite popular among the banks. Specifically, Santander launched xCurrent-based payment service this April. It is worth mentioning that xCurrent does not support XRP, though the company commenced commercial use of xRapid which uses XRP.

In late September, SBI Ripple Asia reported about successful registration with Japan's Finance Minister as registered e-payment agent. This certification is required for the launch of the application.

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