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A Blockchain Remittance App by Ripple and SBI Has Been Rolled Out - Ripple (XRP) News. Thursday, October 4

04 october 2018, 23:23 by Jesús S. Affigne

A blockchain remittance app by Ripple and SBI has been rolled out

It is currently available for clients of three specific Japanese banks

The application was developed in collaboration with Japanese financial giant SBI Holdings, and it runs on Ripple’s blockchain payment solution xCurrent, which enables domestic bank-to-bank money transfers in real time. 

Ripple has just announced the release of its brand-new application for money transfer, MoneyTap. The announcement was made yesterday via Ripple’s official Twitter account. 

“The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan!” reads the news.

As per the banks currently using the new product by Ripple and SBI Holdings – whose joint venture name is SBI Ripple Asia Co., Ltd. – only three Japanese banks will be benefiting from the service. These banks are SBI Sumishin Net Bank, Resona Bank, and Suruga Bank. Accounts holders at these three financial entities will be able to send and receive funds between themselves.

According to the website, the app is available for Android and iOS devices and upon registration, users will be allowed to remit using either their telephone numbers or a QR code. Funds can be sent in Japanese Yens or foreign currencies, and the operations are zero-fee. Aditionally, the app supports biometric security, so devices with fingerprint scanners can be set up for log-in.

However, it is expected to see more banks making use of the service in the near future. As reported by TokenTops, the MoneyTap app will be adopted by the Japanese Bank Consortium, which consists of over 60 banks – about an 80% of the banks in Japan. Director of joint venture partnerships at Ripple Emi Yoshikawa, commented back then that the release of MoneyTap will drastically improve the customer payment experience, as at the moment, domestic transactions are limited to only on weekdays and between 8:30 am and 3:30 pm.

The use of xCurrent in this first iteration of the app could be motivated to be the platform in which development first started, but now that xRapid has been launched, it is very likely to see an upgrade to this new product in the future.

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