Ripple's New MoneyTap App Could Dominate Japanese Bank Transfers

Ripple's New MoneyTap App Could Dominate Japanese Bank Transfers

The project is now supported by the Japan Bank Consortium (JBC), a collection of 61 Japanese banks members brought together by SBI Holdings and SBI Ripple Asia.

"We're proud to provide this production-ready technology that not only improves the global payments experience, but also have applications for domestic payments infrastructure". In a tweet shared with his followers, Takashi Okita, CEO of SBI Ripple Asia shared the web page of the new payment application, which promises to offer "easy bank transfer application" without fees.

While an exact launch date remains unclear at this stage, the site indicates the application is planned to be available in autumn for both operating systems and used for customers of three domestic banks in Japan. However, the website going live shows that it will be soon. The first banks involved are SBI Net Sumishin Bank, Suruga Bank and Resona Bank. After an official launch, it expected to expand the service to another 61 members of the banking consortium.

Ripple are hoping that the move will place them at the centre of the vast Japanese global money transfer market.

Not only will the costs of sending money drop, so too will the time taken.

R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties.

According to Forbes, R3 Consortium filed a lawsuit against Ripple Labs in the state of DE and NY accusing Ripple Labs of violating a purchase agreement between them that involved the purchase of the XRP tokens. By connecting more than 60 domestic banks using the Ripple network and probably incorporate XRP in the process, more than 80 percent of all the banks in Japan will be using the RTXP protocol for their day to day operations, a feat that has been lauded by Director of Joint Venture Partnerships at Ripple, Emi Yoshikawa. Whilst this would likely be positive for those invested in terms of exposure, it would not represent adoption of XRP per se.

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