Ripple announced the launch of a new product by Japan Bank Consortium — the MoneyTap.
The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan! https://t.co/nNtkSfq2PN pic.twitter.com/oeg2XBZG66
— Ripple (@Ripple) October 4, 2018
What is it?
MoneyTap is a mobile application which allows users to transfer funds between banks in real time domestically. Currently, three banks are supporting the application, SBI Sumishin Net Bank, Suruga Bank, and Resona Bank. An important detail is that the application still sends the fund in real time even if the receiver doesn’t use the MoneyTap.
The transfer fees at the moment are zero Yens, so no commission is involved in the process.
How does it work?
It is recommended for the users to have a bank account in one of the supporting banks. After that, the system will require an Internet banking registered account of the corresponding financial institution.
From the technical side, users need to have a valid email address, a phone number, a Smartphone which either supports Touch ID / Face ID or Biometric authentication.
The application is connected to "RC Cloud 2.0", which provides an environment that enables users to execute transfers safely, in real time and conveniently. MoneyTap can use a mobile number or QR code to complete transactions.
Who is behind it?
MoneyTap is the product of the company SBI Ripple Asia. It was found after the partnership of SBI and Ripple back in Tokyo in May 2016.
The company was found with very specific goals on the table:
- Planning, development, production, sale, maintenance, operation, import and export of various FinTech solutions utilizing blockchain technology, etc., and consulting services related to them.
- Provide solutions to financial institutions.
- "Ripple Solution" and expansion of various solutions of Ripple company to be developed in the future to financial institutions.
What is RC Cloud?
RC Cloud is the first product SBI Ripple Asia came up with back in 2017.
This cloud system connects domestic banks which are part of the consortium, currency exchanges, and Ripple Solution supporting foreign banks. Ripple Solution allows banks to implement the system with fewer problems from the system renovation side.
This week was full of news about Ripple products. Two days ago Ripple launched xRapid, which is a Ripple solution for real-time cross-border transfers using XRP as a binding currency.
However, when we look at the weekly chart of XRP, it seems like news didn’t create a positive push on the market prices.
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