Japanese Banks Embrace MoneyTap for Ripple-Based P2P Remittance Service
Ripple-based payment system MoneyTap is gaining traction in Japan as several local banks open access to the application for their clients. SBI Remit, the remittance-focused arm of the Japanese financial services conglomerate SBI Holdings, recently announced that it has added support for its mobile MoneyTap application to three local banks, namely Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank, on April 17.
Yamaguchi Bank is a major regional bank in Japan with 156 branches and offices in Japan and four overseas locations, while Kitakyushu Bank is a subsidiary of Yamaguchi Financial Group and has operated 24 branches since its inception.
The integration of MoneyTap enables these Japanese regional banks to offer a peer-to-peer remittance service to their customers through a mobile application. In addition to using the bank account number, the remittance service also allows online remittance functionality through a mobile phone number. The app also features online identity verification and biometric authentication, ensuring high security for customers of Yamaguchi, Momiji, and Kitakyushu.
As previously reported, SBI integrated the mobile MoneyTap settlement service in 2019, soon after launching MoneyTap in collaboration with the blockchain firm Ripple in October 2018. Based on Ripple’s blockchain solution RippleNet, the MoneyTap app is designed to enable instant domestic bank-to-bank transfers and P2P transfers for clients, initially supporting three Japanese banks, including SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
Merger and Partnerships
In the recent announcement, SBI Remit reiterated that it merged with MoneyTap in September 2022, allowing it to provide a next-generation financial infrastructure with high functionality and low cost.
SBI has emerged as a major partner of Ripple, supporting the company amid its ongoing legal battle with financial regulators in the United States. Morningstar, an SBI Group financial data subsidiary, confirmed in 2021 that it will continue its XRP shareholder benefits program despite Ripple’s legal issues in the United States. SBI CEO Yoshitaka Kitao also stated in 2021 that Japan is the most likely country for Ripple to move to if the company is eventually forced to leave the U.S. due to the tough regulatory environment.
Conclusion
The adoption of MoneyTap by Japanese banks, including Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank, further demonstrates the growing popularity of Ripple-based solutions in Japan for P2P remittance services. With SBI’s support and integration of MoneyTap, Ripple continues to expand its presence in the Japanese financial market, providing efficient and secure solutions for domestic bank-to-bank transfers and P2P transfers.
Ecosystem
Research
News Network
About