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SBI Ripple-Powered Application

SBI Ripple-Powered Application MoneyTap Set to Debut Soon

SBI, the Japan-based Fintech giant, has just announced its plans of launching an SBI Ripple-powered application for mobile called MoneyTap.

SBI Ripple-Powered Application

The CEO of SBI Ripple Asia, Takashi Okita, took to Twitter on Wednesday to announce MoneyTap. The translated tweet reads:

“Quietly, the teaser site of Moneytap was released. How about the image of the logo and the screen?”

It would be safe to assume that the CEO was asking for input on the design of their screen image and logo.

The SBI Ripple-powered application is said to have already been completed and “coming soon,” according to its website. The app will be available on iOS and Android in the fall of 2018.

The product’s website reads:

“Easy bank transfer application without charge. Money Tap is a new bank experience application provided from the ‘consortium for domestic and foreign exchange exchange [sic].’”

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It remains unknown at this time if the new app will be using XRP in the back-end ledger. The website does not provide any of these details, and the CEO has yet to answer that question.

MoneyTap is expected to provide “on-demand” payments to Japenese customers through its banking consortium. The project is currently backed by the Japan Bank Consortium, a collection of 61 Japanese bank members brought together by SBI Ripple Asia and SBI Holdings.

This new payment app is seeking to increase the flexibility of domestic payments in Japan.

“Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers,” Okita told the press back in March.

MoneyTap in Japan

The application is set to debut first in Japan and, if deemed successful, could spread to all of Asia. We will see soon enough whether MoneyTap is closer to Ripple’s xRapid or xCurrent product.

Featured Image: moneytap.jp

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