Android and IoS users are set to experience a new app offering easy bank transfers. The application has received support from the Japanese financial giant SBI Holdings while Ripple’s blockchain-based payment system will power it. It is not clear when the launch of the app christened “money trap” is likely to take place. However, rumor has it that it could be available in the autumn.
The chief executive of SBI Ripple Asia, Takashi Okita says that the project is set to offer reliable money transfer solutions. Among the many who will benefit are customers of three domestic banks in Japan namely SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.
The project is a partnership between SBI Holdings and Ripple Labs Inc
The development of MoneyTap is a joint venture between SBI and Ripple (XRP-USD). The app will offer a next-generation DLT-based payment platform to remittance companies. SBI Group CEO Yoshitaka Kitao says that the app is battle-tested and will rise above competition thanks to its commercial deals with top banks.
Okita adds, “…we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
MoneyTap venture to solidify the ability to carry out domestic transactions
The San-Francisco-based startup is already available in the Asia Pacific region and apparently, it will be available around the clock. However, it will strengthen domestic transactions and will only use a phone number or a scannable QR code.
Apart from Japan, the service will be expanding to another 61 regions of the banking consortium. Nonetheless, SBI Ripple Asia is not the only one, which is providing consumer-facing applications. The latest reports in the technological arena indicate that Santander is also operating a similar business. It is mainly dealing with bank customers located in Spain, the U.K., Brazil, and Poland.
Clearly, the production-ready technology is taking the market by storm. It remains to be seen what other partnership SBI Holdings is going to embrace.