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A new demo has emerged demonstrating the capabilities of the app for SBI Ripple Asia, known as MoneyTap, for faster payments to Japan. The demo shows that the app sends money at no cost and almost in real time.
The app, which is based on Ripple's xCurrent technology, is the second of its kind. Another app that aims to do the same and is based on the same technology is the OnePay FX app from Santander. However, while OnePay FX is intended for cross-border payments, MoneyTap aims to improve the infrastructure of the Japanese inter-day bank transfer system.
Demo to steal money SBI https://t.co/ALJyp0AwOv
– ecent (@EDadoun) November 13, 2018
It is powered by DLT to allow a quick, safe and comfortable money transfer to a country where transactions can only take place on weekdays between 8:30 am and 3:30 pm, with heavy delays otherwise. The app promises payments 24 hours a day, 7 days a week, thus offering customers of the Japan Banking Consortium, which holds more than 80% of all bank assets in the country, the transfer of value easily.
It has been known in the past that it was possible for financial institutions to integrate with the platform using an open API. The app is ready to launch with SBI Net Sumishin Bank, Resona Bank and Suruga Bank for the pilot race.
In particular, the CEO of SBI Group, Yoshitaka Kitao, is extremely bullish on XRP, the currency used by Ripple for their xRapid product. He stated in the past
"XRP is faster, cheaper and more scalable than any other digital asset, and I firmly believe it will become the global standard in digital currencies."
In addition, the SBI Group has also launched a cryptocurrency trading platform known as SBIVC that offers fiat exchange with XRP, providing a valuable on-board encryption for xRapid liquidity.
The consortium, which is led by the SBI Ripple Asia alliance, covers more than 80% of all bank assets in Japan. This, coupled with the fact that existing local payment lines in Japan are below average, means that customers can collect a real-time payment app.
Takashi Okita, CEO of SBI Ripple Asia, said during the launch
"Together with trust, reliability and the reach of the banking consortium, we can remove the friction from payments and create a faster, safer and more efficient domestic payment experience for our customers."
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