Ehime Bank, a 77-year-old Japanese bank, has integrated Ripple-based money transfer platform to offer its customers a free and instant service available throughout the country. MoneyTap offers a money transfer service between banks within 24 hours for 365 days.
According to MoneyTap Co Ltd, the application running on smartphones is fully connected to the bank and should start working today April 13, 2020.
MoneyTap became the first financial services provider in Japan to make direct money transfers between bank accounts using QR codes:By combining existing options with biometric authentication, such as fingerprints, we strive to improve both the user interface and security.
As for commissions, they are set by individual banks, but it is not charged for transactions in yen.
Inspired by this example, several banks are already planning to implement the MoneyTap application. To date, the service began to use Ehime Bank, Suruga Bank and Sumishin SBI Net Bank.
The cooperation of Ripple, SBI and other banks located in Asia, just allowed to create a money transfer service MoneyTap. In addition, companies continue to implement Ripple technology and XRP cryptocurrency throughout the continent and beyond.
By some estimates, SBI Holdings leads the way in arranging XRP among financial companies.