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Financial Giant SBI and Ripple launch Blockchain App in Japan

The MoneyTap Self-Reload Payments app is now available, according to an official Tweet 3 October. The consumer-centric service was developed jointly by Ripple and the Japanese financial services giant SBI Holdings.

According to the product website, MoneyTap will use the Ripple xCurrent blockchain solution to enable domestic bank transfers in "real time". Holders of an account with three participating Japanese banks – SBI Sumishin Net Bank, Suruga Bank and Resona Bank – can send funds using the mobile app, which is compatible with iOS and Android devices.

After registration, users will only need their mobile numbers or a QR code to complete transfers in Japanese yen or foreign currencies, without a commission. The payment system will be protected using integrated device security technology, such as biometric access authentication systems that use fingerprint scanning.

As previously reported, the last remaining obstacle to the launch of MoneyTap was liquidated at the end of last month, when SBI Holdings announced that it had obtained a license from Japanese regulators to manage electronic payments as "Agency Service Provider" of electronic settlement "according to the legislation introduced in March 2017.

According to previous announcements, MoneyTap will finally see a consortium of 61 Japanese banks – representing over 80% of all Japan's banking operations – participating in the service.

In other geographical jurisdictions, the Spanish banking group Santander announced that this March would publish a cross-border payment application using Ripple's blockCain xCurrent and RippleNet platforms.

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