SBI & Ripple build Payment Application for iOS & Android
Ripple’s distributed ledger technology (DLT) is being harnessed by the Japanese financial services giant Strategic Business Innovator (SBI) Group to build a payment gateway that will be available on iOS and Android devices.
This application was the product of the joint venture between Japan’s SBI holdings and San-Francisco’s Ripple, called SBI Ripple Asia. Takashi Okita, chief executive of the joint venture, unveiled the website of the application, titled MoneyTap on Wednesday.
Since the project is in its initial phase, the exact launch date has not yet been revealed. However, the site indicates that the application will be made available in autumn for both the aforementioned operating systems and there will be strategic tie-ups with three Japanese banks.
SBI Ripple Asia has two main pillars of support to facilitate its functioning. For banking infrastructure, the project is supported by the Japan Banking Consortium whille Ripple will handle the technological infrastructure.
The members of the consortium are SBI Net Sumishin Bank, Suruga Bank, and Resona Bank. Customers of these banks will be the first few privy to the services of the joint venture. Post the initial release to the selected banks, the application will then expand its outreach to the other 61 members of the banking consortium.
Customers will be permitted to conduct trade throughout the day, seven days a week, through their phone number or by scanning QR codes. This is to ensure that there isn’t too much wastage of time, as is typically the case with traditional banking systems.
Although SBI Ripple Asia has achieved a massive feat with this new development, its payment application is not the first consumer-centric application powered by Ripple’s DLT. Spanish banking giant Santander was the pioneer of this system of payment. Through its service, launched in April, customers in Spain, Brazil, the United Kingdom, and Poland were able to conduct cross-border foreign exchange transactions using Ripple.