MoneyTap – A Ripple-powered payments mobile app hascurrentlygone live,in line with an official tweet announcement. The consumer-focused service was co-developed by Ripple [XRP] and JapaneseFinancial servicesprovider giantSBI Holdings.
As per the product’sweb-site, MoneyTapwoulduse Ripple’s blockchain based ‘xCurrent’ tomodify domestic bank-to-bank transfers in “real time.” Account holders atthreecollaboratingJapanese banks – SBI SumishinwebBank, Suruga Bank and Resona Bank –couldsend fundsvia.the mobile app,thatis compatible with iOS andAndroiddevices.
After registration, userswould reportedlyrequiresimplytheirmobilenumber or a QR codeto finish the transfers in either Japanese yen or foreign currencies,while notpaying any commission fee. The payment systemwould besecuredemployingthe devices’built-insecurity technology,likebiometric login authentication systems that use fingerprint scanning.
Asantecedentlyreported, the last remaining obstacle to MoneyTap’s launch was cleared late last month,once SBI Holdingsdeclaredit had secured a license from Japanese regulators to handle electronic payments asanElectronic Settlement Agency Service Providerunderneath thelegislationunrolled earlierin March 2017.
According to earlier announcements, MoneyTap wouldeventually see apoolofsixty oneJapanese banks – representative ofmore than80%of all of Japan’s banking assets – participatewithin theservice.
Inalternativegeographic jurisdictions, Spain-based bankingclusterSantanderdeclaredthis Marchit might launcha cross-border payment appemployingRipple’s blockchain xCurrent and RippleNet platforms.