The Japan Bank Consortium, a syndication 61 Japanese banks had confirmed their use of Ripple’s technology in their banking system. The latest update about the Consortium is the innovational release of the smartphone application called ‘MoneyTap’.
MoneyTap is a mobile application backed by Ripple’s blockchain technology which allows the customers of the Consortium to settle transactions immediately. This is the first ever app to be developed in this niche. No other app provides transactions on multiple bank accounts in one.
MoneyTap provides a 24 hours service which is very beneficial to Japan. Japan banks currently have an inflexible domestic payments timings, restricted to between 8.30 am to 3.30 pm only. If made otherwise, the payments can be delayed. MoneyTap allows the customers to make prompt domestic payments.
The details required to make transactions include the bank account, phone number or the QR code.
The app also aims at making banking almost cost-free by shedding cost associations with the existing banking process and ATM withdrawal fees that are levied on domestic transactions.
Emi Yoshikawa, director of joint venture partnerships, Ripple comments:
“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain…”