The Japan Bank Consortium has announced the development of the MoneyTap smartphone application powered by Ripple blockchain technology. The MoneyTap app is scheduled to be released with support from a limited number of Consortium members – SBI Net Sumishin Bank, Suruga Bank, and Resona Bank in Autumn 2018, with additional member banks to be rolled out in stages over the following months. The Japan Bank Consortium, led by SBI Ripple Asia, covers more than 80 percent of Japanese banking assets with 61 member banks in all.
Flexibility with domestic payments is limited in Japan: transactions must occur on weekdays and between 8:30 am and 3:30 pm or risk delays. MoneyTap will allow bank consortium customers to make instant domestic payments between member banks and requires only a phone number, bank account number, or QR code, according to Ripple's statement.
Ripple was launched with an ambitious goal: the developers wanted to enable the “Internet of Value” (IoV) to move money as easily as information is moved today. More than 100 financial institutions currently use Ripple technology, according to the company's statement. Ripple xCurrent software solution and its xRapid liquidity solution for emerging markets are designed to facilitate both domestic and international transfers of value. The company believes that the release of MoneyTap will help to make the transfer of money as streamlined and instantaneous as the transfer of ideas and information for its Japanese customers.
Director of Joint Venture Partnerships at Ripple Emi Yoshikawa said, in a statement, “The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey. We’re proud to provide this production-ready technology that not only improves the international payments experience, but also have applications for domestic payments infrastructure.”
To learn more about Ripple, visit https://ripple.com/.