The main purpose of new technologies must be applied in a wide range of sectors to facilitate and improve a large number of processes. The banking sector is one of the sectors that enthusiastically adopts new solutions in order to improve its functioning.
One of the examples of application of the most advanced technologies to the banking system is Money Tap. It is a Japanese funds transfer platform that will provide the connection between a number of banks with the help of Ripple solutions. Recently, it was revealed that the launch officially launched its website. Money Tap considers itself a kind of "simple request for a free bank transfer" and "a new banking application provided by the consortium for domestic and foreign exchanges"
In general, the fund transfer system in Japan definitely needs to be improved . Transaction fees are quite high and take a long time to transfer people's funds. Money Tap will change the situation. Through the solutions offered by Ripple, it is expected to reduce the rates and get the possibility to make reliable transfers on the same day.
Money Tap will also offer a money transfer app that will be available on iOS and Android phones. It will be one of the first apps with this feature that will be used by a number of banks simultaneously. It is planned to release the app by the end of the year.
Despite the fact that virtually no information on the project has already been disclosed, it is clear that Money Tap will be used by the consortium of the Japanese bank that unites over 60 local banks, which is almost 80% of the country's banking system. No doubt it's good news for the Ripple community.
It is important to remember that the CEO of Strategic Business Innovator Group (SBI) based in Tokyo stated that he is also considering the possibility of using XRP for the currency connection on the Money Tap funds transfer platform. In general, now SBI is actively working with several cryptocurrencies. However, Ripple solutions and XRP tokens are a special interest for SBI. Also, just a few months ago, the company established its criptamp called VCTRADE.
Although the wide adoption of the Ripple solution does not show high rates, it happens step by step. More and more financial institutions are implementing Ripple technology to facilitate their processes. However, XRP supporters fear that the XRP token is not widely used in the banking solutions of the company.
Speaking of the XRP price, we should say that in addition to a number of other currencies, XRP started to grow after a severe decline. According to CoinMarketCap, at the time of printing, XRP is trading at $ 0.27, having gained over 5% in the last 24-hour period.