Japanese banks Yamaguchi, Momiji, and Kitakyushu tap Ripple’s MoneyTap
Three Japanese banks are onboarding Ripple-based payment system MoneyTap to tap its increasingly popular blockchain solution for cross-border payments and peer-to-peer remittance.
SBI Remit, Japan’s largest remittance service, has added support for MoneyTap transaction at three local banks: Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank. MoneyTap is a blockchain-based payment platform that allows for instant, low-cost cross-border payments.
Customers can use their mobile phone numbers to make online remittance transactions, in addition to their bank account numbers. The MoneyTap software also includes online identity verification and biometric authentication features, which ensures high levels of security for clients of these three banks.
The integration aims to leverage blockchain technology to reduce friction, improve efficiency and interoperability for cross-border payments and utilizes MoneyTap’s ability to provide real-time settlement.
According to the press release, traditional cross-border payments can take several days to clear, due to the need for intermediaries such as correspondent banks. MoneyTap eliminates this need by using blockchain technology to settle payments directly between banks in real-time. By offering real-time settlement of cross-border payments and low-cost, high-speed domestic payments, MoneyTap is helping to create a more accessible and efficient financial system for businesses and individuals alike, it said.
Ripple’s MoneyTap has been gaining momentum in the world of banking, with an increasing number of financial institutions embracing the technology.
MoneyTap was launched in Japan in 2018 in partnership with SBI Holdings, one of Japan’s largest financial services companies. Since then, the platform has expanded to include several other banks and financial institutions in Asia and Europe.
This not only speeds up the payment process but also reduces costs, as intermediaries often charge fees for their services. MoneyTap’s low-cost, high-speed payments have the potential to transform the cross-border payments industry, making it more accessible and affordable for businesses and individuals alike.
Several banks have already embraced MoneyTap, including SBI Net Sumishin Bank, Suruga Bank, and Resona Bank in Japan, as well as Euro Exim Bank in Europe. These banks have integrated MoneyTap into their existing systems, allowing them to offer their customers faster, cheaper cross-border payments.
In addition to its use in cross-border payments, MoneyTap is also being used for domestic payments within Japan. The platform has been integrated with several mobile payment apps, allowing users to send and receive payments instantly and securely using their smartphones.
