MoneyTap: The brainchild of SBI and Ripple launches its application
SBI Ripple Asia, the joint venture between Japan’s SBI Holdings and San Francisco’s Ripple, has launched the application of its payment gateway MoneyTap.
MoneyTap had launched its website in last month, when it said that the app would be released in autumn via its tie-ups with three Japanese banks – SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. MoneyTap, which is backed by the Japanese Banking Consortium, will connect more than 60 banks within the country.
— Ripple (@Ripple) October 4, 2018
MoneyTap’s app will enable money transfers between banks in real time, using Ripple’s xCurrent platform. Customers can transfer money throughout the day, seven days a week. The remittances can be authenticated through phone numbers and by scanning QR codes. To ensure safety, SBI Ripple Asia has added the feature of fingerprint scanning, or “validation vote”.
During the initial phase of the launch, only the customers of the three mentioned banks will be allowed to use the services. These services will be available to the remaining 57 banks in the days to come. Payments between these banks will not be charged and can be executed in yen or other foreign currencies.
The software firm has been in the spotlight for quite a few days now. The company’s independent digital asset XRP had briefly surpassed Ethereum to take over as the second most valuable cryptocurrency by market cap.
The company recently held its flagship event Swell 2018, which saw the participation of major influencers from finance, technology, regulation, and even politics. Representatives from the IMF, the Federal Reserve and several central banks attended the event, but the standout was former U.S. President Bill Clinton.
The event also saw the launch of the xCurrent platform. xCurrent is a payment service created by Ripple and Banco Santander. It is important to note that xCurrent does not utilize the cryptocurrency XRP.
Image via Shutterstock
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