SBI Holdings to Use Ripple’s Distributed Ledger Technology for Mobile App
Japanese Fintech giant SBI Holdings will launch a Ripple-based mobile application called Money Tap by the end of 2018. Takashi Okita, the CEO of SBI Ripple Asia, announced the news via a tweet on September 12, 2018, and shared a website of the new mobile application.
Money Tap: Easy Bank Transfers without Additional Fees
According to The Next Web, Money Tap is a mobile payment application that will be available for iOS and Android. It is a product from SBI Ripple, a collaboration between SBI Holdings and Ripple. The organization was formed in May 2016 to boost blockchain-based fintech projects and create the “Internet of Value” in Japan and Asia.
As seen on the website, Money Tap enables easy bank transfers without additional fees. According to a blog post released in March 2018, Money Tap will be the first mobile application to be developed and used by many different banks in Japan. The app will allow customers from the bank consortium to make instant domestic payments, allowing transactions to occur 24 hours a day, seven days a week.
The consortium customers only need a bank account, QR code, or phone number to leverage the service. Furthermore, Money Tap not only increases the speed of payments but also cuts down the costs from ATM and banking fees that apply to domestic money transfers in Japan, reducing the overall cost of transferring money.
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan, said Okita.
“Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
SBI Net Sumishin Bank, Resona Bank, Suruga Bank will be the first members in the Japanese Bank Consortium to go live on the mobile application. SBI Ripple Asia currently leads the Japanese Bank Consortium which consists of more than 61 banks and over 80 percent of banking assets in Japan.
Transforming Domestic and Cross-Border Payments
“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,” said Emi Yoshikawa, the director of joint venture partnerships from Ripple.
Ensuring fast and seamless cross-border and domestic payments is key to Rippler’s mission of developing an Internet of Value where money can move frictionlessly.