Back in Oct 2018, SBI Ripple launched a mobile app, ‘MoneyTap’ in Japan. MoneyTap uses Ripple’s service to allow bank-to-bank money transfers in real-time.
In a recent financial report of SBI Holdings, Inc. for the 1st quarter of 2019, it was stated that Ripple is offering to invest in MoneyTap. MoneyTap already uses Ripple’s services to transfer money. The report further adds that MoneyTap is also ready to begin international transfer services very soon.
About SBI Ripple Powered App ‘MoneyTap’
MoneyTap is a Japanese mobile application platform that was launched back in late 2018 with the collaboration of SBI Holdings and Ripple. The core focus was to connect different banks at one channel and provide customers with this exclusive service.
With the time more advancements have been made in the app, with Ripple wanting to enter significant capital into the online platform. According to the report, MoneyTap has collaborated with 25 Capital-Participating Banks, 8 API Platform Connected Companies and with U.S. Ripple.
MoneyTap is the only network in Japan that provides Swish-type Solution. This adds more variety to the MoneyTap with allowing 24/7 immediate inter-bank remittance application without charge throughout the year.
Moreover, in addition to account number designation remittances, mobile phone number designation and QR code remittances are also possible. It, in short, is a highly efficient and low cost “next-generation infrastructure” platform that previews fintech.
Ripple to Investment in MoneyTap Itself
“At a stage where the acceptance of investments from domestic financial institutions has been completed, Money Tap will now consider accepting an investment from U.S. Ripple, in order to strengthen technical cooperation and the promotion of initiatives related to international remittances.”
In the above statement, it seems that Ripple is going to invest in MoneyTap, which will help the company to make full efforts to support the technology applications and marketing of new services. Ripple’s investment will be an advantage for MoneyTap to improve and enhance its growth across the state.
Ripple is in the news every single day as the blockchain firm keeps boosting its adoption across the globe. Its products xCurrent and xRapid have proved to be a new sensation for the world’s banking system.
Ripple seems to amaze different banks, and it undoubtedly has become a new wedge of the world financial system. Consequently, it would be safe to say that we have seen much of Ripple and there is much more to come in the future with its exciting technology.
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