MoneyTap, a ripple-based payment system, is expanding in Japan as more regional banks provide their clients with access to the service.
The P2P remittance service MoneyTap, which is built on RippleNet, is now supported by Japanese banks like Yamaguchi, Momiji, and Kitakyushu.
Moneytap, Ripple And YMFG
On April 17, SBI Remit, which is the division of the Japanese financial services conglomerate SBI Holdings that specializes in remittances, disclosed that it has integrated its mobile application MoneyTap with three regional banks: Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank.
Yamaguchi is an important regional bank in Japan, with 156 branches and offices domestically and four abroad. Since the company’s inception, Kitakyushu Bank, a division of Yamaguchi Financial Group, has run 24 branches.
Through the MoneyTap interface, regional banks in Japan may provide peer-to-peer remittance services to their clients via mobile applications. The remittance service allows for the online remittance function using a mobile phone number in addition to the bank account number. The software includes online identity verification and biometric authentication as well, with the goal of providing high security for Yamaguchi, Momiji, and Kitakyushu clients.
As previously reported, SBI adopted the mobile MoneyTap settlement service in 2019, not long after the service had been introduced in October 2018 in partnership with blockchain company Ripple. The MoneyTap app, which is built on Ripple’s blockchain system RippleNet, enables immediate domestic bank-to-bank and peer-to-peer transfers for users. It originally supported three Japanese banks: SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
SBI Remit highlighted in the release that the company merged with MoneyTap in September 2022, enabling it to offer a high-functioning, low-cost next-generation financial infrastructure.
SBI has grown to be a significant partner of Ripple, defending the business during its protracted legal dispute with American banking regulators. Despite XRP legal troubles in the US, Morningstar, a financial data unit of SBI Group, stated in 2021 that it will keep running its XRP shareholder incentives program. In 2021, SBI CEO Yoshitaka Kitao said that if Ripple were finally forced to leave the United States because of the challenging regulatory climate, Japan was the most likely destination.
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