SBI Ripple Asia launches MoneyTap in Japan
SBI Ripple Asia and the Japan Bank Consortium have launched MoneyTap, a Ripple-powered app to offer real-time settlement for domestic payments in Japan.
As reported in March 2017, the duo completed a pilot implementation of RC Cloud, Ripple’s unified blockchain platform for domestic and cross-border payments.
Real-time settlement for domestic payments
They also had been discussing and evaluating the implementation of a common gateway to give member banks access to Ripple’s API, and a money transfer application as well as various regulatory issues.
After getting the licence from Japan’s Ministry of Finance last month, MoneyTap has finally gone live today (4 October).
On the MoneyTap website, it offers remittances directly from bank accounts to bank accounts, 24 hours a day, 365 days at any time.
Money Tap says payments can be done via mobile phone number, QR code or bank account number, and by combining it with biometric authentication by fingerprint.
It is not available to all banks in Japan. At present, users can only remit to accounts with SBI Sumishin Net Bank, Suruga Bank and Resona Bank. However, the Japan Bank Consortium consists of 61 banks. Other banks are bound to follow.
In December 2017, MoneyTap says it completed the commercial version of RC Cloud 2.0, which implements Ripple’s XCurrent solution. This enables banks to settle cross-border payments with end-to-end tracking.
