SBI Holdings, a Ripple partner which works closely with the cross-border payments-focused project, has published a notice announcing the formation of a new company called MoneyTap that focuses on cashless payments for small transfers.
The notice describes the purpose of MoneyTap:
‘Money Tap’ is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security.
The app makes use of Ripple’s xCurrent technology and the notice points to a close relationship between the 2 entities:
Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium and other financial institutions.
In an interview with Coinpost, SBI Holdings President and Representative Director Yoshitaka Kitao, who previously said that he expects Japanese banks to use Ripple by the 2025 Osaka Expo, spoke of the benefits of working with Ripple’s technology:
MoneyTap is an open payment network that uses Ripple’s “xCurrent” distributed ledger technology, for example, high maintenance costs and fees such as CAFIS (a shared online system mainly focusing on credit cards) Is unnecessary…Eventually, we are considering implementing a foreign exchange remittance function that utilizes “XRP” on the money tap.
Certainly, Ripple has been making moves in the banking industry.