Japan: 13 banks invest in SBI & Ripple-driven Blockchain payment app

Blockchain payment app MoneyTap, co-developed by Ripple and the Japanese financial services provider SBI Holdings, has received investments from 13 local banks, according to a press release from SBI that was published on March 28.

In the announcement, SBI Holdings reports that Kiraboshi Bank, Shinsei Bank and Hokuriku Bank, along with ten other local financial institutions, have added their project as shareholders.

MoneyTap, which was designed to quickly transfer money via a mobile app with the blockchain solution xCurrent from Ripple, is reported to receive investments from other Japanese financial institutions later this year. According to SBI Holdings, the banks using the solution will work together to make domestic bank-to-bank transfers possible.

According to the press release, the goal is to use MoneyTap to create a 24-hour transfer infrastructure that allows customers to send money from their domestic bank to another institution – at home or abroad – participating in the project .

In October 2018, Ripple and SBI Holdings officially launched MoneyTap. The project was initially assisted by three Japanese banks – SBI Sumishin Net Bank, Suruga Bank and Resona Bank. However, the announcement stated that MoneyTap will eventually see a consortium of 61 Japanese banks – representing more than 80 percent of all Japanese bank assets.

Before the official launch of the app, SBI Holdings received a license from Japanese regulatory authorities to handle electronic payments as an "Electronic Settlement Agency Service Provider".

Transfer solutions designed by Ripple are used for both domestic and cross-border interbank transactions. The Spanish banking group Santander, for example, uses Ripple & # 39; s xCurrent for international money transfers in Spain, Brazil, the United Kingdom and Poland.

The Exchange and payment platform of the United Arab Emirates Unimoni also uses Ripple's blockchain-based platform to complete real-time transactions with Siam Commercial Bank in Thailand.

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