SBI Ripple just launched its blockchain-based money remittance app that may dominate Japanese bank transfers. The app, referred to as MoneyTap helps people make real-time, free domestic transfers. All while using Ripple’s xCurrent payment solutions.
MoneyTap to Dominate Japanese Bank Transfers
The xCurrent network, built on Distributed Ledger Technology (DLT) helps facilitate quick payment settlements and end-to-end tracking.
In fact, in Japan alone, 61 banks support the new application. Some of those banks include Suruga Bank, SBI Net Sumishin Bank and Resona Bank.
With the technology, banks can perform cheaper, quicker transfers between other banks, for example. All with the use of a QR code or with a recipient’s phone number.
The best part – it replaces Japan’s decades old clearinghouse
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure 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,” says SBI Ripple Asia CEO, Takashi Okita.
Ripple’s technology is also live in Banco Santander’s OnePay FX
OnePay FX allows users to make EUR and USD payments to countries within Europe and the United States. Better yet, it’ll allow for money to transfer even faster than traditional wires.
For comparison, a typical transfer could take three to five days to complete. With the OnePay FX app, we could see transfers happen in a single day.
It may very well be the wakeup call the financial sector needs to adopt blockchain technology.
Increased Ripple Adoption by Banks
More than 100 financial institutions have adopted Ripple and are in the process of benefiting from its blockchain solutions.
A division of PNC Financial Services Group Inc will also use technology built by startup Ripple to process international payments. This could very well be a precursor to the use of blockchain in the world of finance.
Ripple could dethrone Bitcoin
According to Ripple CTO, David Schwartz:
“Bitcoin and Ethereum are currently viewed as the gold standard for decentralization — meaning they are architected in a way that no single individual or minority group can dictate rules or rewrite transaction history (the power of blockchain!). Since these blockchains are considered decentralized, then by design, the XRP Ledger is also — if not more so — decentralized than both Bitcoin and Ethereum.”
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