With the important Japanese fund transfer platform MoneyTap officially launching its hallowed web portal, the development opens the doors for connecting several Japanese banks during the Ripple-based solution. While the Ripple-powered MoneyTap app was announced in March this year, it is set to toss out across dozens of Japanese banks through Fall 2018. The app is wait for to be available on iOS and Android phones and will facilitate instant and zero- to low-cost take transfers. If things go as planned, the Ripple technology may be able to seize a magnitude portion of the global money transfers going in and out of Japan in the coming lifetimes. (See also, Japan’s Biggest Bank Is Releasing Its Own Cryptocurrency In March.)
MoneyTap to Question Japan’s Traditional Remittance Market
The traditional SWIFT-based money changes face challenges of high transaction costs and longer processing durations, and the structure remains inadequate for small amounts of consumer money transfers. (See also, How the Nimble System Works?)
To circumvent the problem, an initiative was launched in 2016. Enlisted the SBI Ripple Asia Japanese Bank Consortium, it was led by Strategic Business Innovator Set apart (SBI), a financial services company based in Tokyo, Japan, with a team of 15 Japanese banks that intended to use Ripple’s technology for proceeding payments and settlement. It has since expanded to 61 member banks, and the arrange now accounts for nearly 80 percent of banking assets in Japan. The bank-networked plank is supportive of the Ripple technology and its XRP token and has the power to revamp the entire settlement and payment ecosystem that currently exists in Japan. SBI is leading the aiding of Ripple technologies across South East Asia and already has a partnership with SIAM Commercial Bank (SCB) of Thailand that aids real-time money transfer using Ripple’s blockchain enterprise discovery called xCurrent.
MoneyTap pitches itself as a kind of “simple bank remove application without charge” and “a new bank experience application provided from the consortium for steward and foreign exchange,” according to CoinSpeaker. Once in service, the MoneyTap app ecosystem desire not only compete against the global SWIFT-based banking system, it will also fight with remittance companies like The Western Union Co. (WU). The launch whim also bolster Ripple’s claims of offering a robust and dependable technology podium that can form the backbone of the modern day payment processing system. (See also, Bitcoin’s Myriad Profitable Use: the $600 Billion Overseas Remittances.)
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