Ripple Partners With 61 Japanese Banks To Create An Instant Payments App

Ripple is collaborating with 61 Japanese banks to launch a mobile application under the name "MoneyTap" The company joined partnered with the 61 Japanese banks in July last year and together they represent 80% of Japans banking services. Ripple made this announcement on Twitter:

According to a report from CNBC, Ripple created with a consortium of 61 Japanese banks. Dubbed MoneyTap, the mobile app will facilitate instant domestic transactions 24/7. Additionally, the app will launch in Autumn 2018 and will launch only for three banks in the conglomerate:  SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.

After a successful test, the customers of all consortium banks will be able to download and access. However, the MoneyTap app will be restricted to the domestic transactions only.  

Emi Yoshikawa, the directory of a joint venture  business developer at Ripple said

“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey.”

Emi Yoshikawa

She added:

“We’re proud to provide this production-ready technology that not only improves the international payments experience but also have applications for domestic payments infrastructure,"

Emi Yoshikawa

Ripple Partnerships Grow

Now, within a year, the San Francisco-based company, Ripple has attracted numerous financial institutions to let them use its virtual assets to boost the payment speed.  In the past, SBI Ripple Asia tested a pilot program to use the technology in their backend. Furthermore, a money transfer company based in the United States, MoneyGram is testing a cryptocurrency through xRapid - a Ripple payment network.

Recently, Ripple partnered with Cambridge Global Payments, a B2B (business-to-business) payment agency of Fleetcor. The Cambridge Global Payments group will use Ripple's private crypto asset, XRP for payment via xRapid.

In February 2018, Ripple has partnered with two new financial agencies; one is Western Union, a leader in global payment services is testing Ripple's settlement system for transactions backed by blockchain and another with the Saudi Arabian Monetary Authority for using Ripple's cross-border payment technology for banks within the country.

At present, the Japanese customers are can only transact between 8:30 AM - 3:30 PM. Nevertheless, with the new MoneyTap app, consumers will be able to send and receive the money at any time.

“Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

SBI Ripple CEO Okita.