Ripple Powered Mobile App to Provide On-Demand Domestic Payments in Japan

[anchorday]

The Japan Bank Consortium will release a groundbreaking smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.

“MoneyTap” is the first mobile app of its kind to be developed and used by multiple, different banks in the country.

Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.

The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.

Flexibility with domestic payments is limited in Japan: transactions must occur on weekdays and between 8:30 am and 3:30 pm or risk delays.

While there are discussions to change the window on the current banking rail system to make it accessible 24 hours a day and seven days a week, the cost of implementing it would be high.

https://ripple.com/insights/ripple-powered-mobile-app-provide-demand-domestic-payments-japan/

[fredrick4u]

It looks great certainly, this innovation will surely do good