Yamaguchi Bank is a big regional bank in Japan. It has 156 branches and offices in Japan and four branches and offices in other countries. Since it started, Kitakyushu Bank, which is a part of Yamaguchi Financial Group, has set up 24 stores. This combination makes it possible for Japanese regional banks to give their users a peer-to-peer money transfer service through a mobile app. For web transfers, the service takes both a bank account number and a cell phone number. The app also uses online name verification and fingerprint identification to give people in Yamaguchi, Momiji, and Kitakyushu a high level of security.
In 2019, SBI added the smartphone MoneyTap payment service. This came soon after Ripple, a blockchain company, and MoneyTap were introduced in October 2018. The MoneyTap app, which is built on Ripple’s blockchain solution RippleNet, lets customers send fast domestic bank-to-bank and peer-to-peer (P2P) transfers. It works with three Japanese banks at first: SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
As was already known, SBI Remit combined with MoneyTap in September 2022. This gave it the ability to give a high-functioning, low-cost banking infrastructure of the next generation. SBI has become one of Ripple’s most important allies, helping the company in its long court battle with U.S. banking officials. Morningstar, a division of SBI Group that provides financial data, said it will keep its XRP (XRP) shareholder perks program going in 2021, even though Ripple is having legal problems in the US.
Yoshitaka Kitao, the CEO of SBI, said in 2021 that Japan is most likely where Ripple will go if it is forced to leave the United States because of its strict regulations. Since MoneyTap came out in 2018, this statement shows how SBI and Ripple have been working together and helping each other.
MoneyTap’s growth into Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank through SBI Remit shows that Ripple’s blockchain solution RippleNet is getting more and more popular in Japan. With the new bank connections, MoneyTap is reaching out to more people and giving them access to its safe and fast peer-to-peer transfer services.
Overall, MoneyTap’s growth in Japan through SBI Remit and the three new bank integrations show that RippleNet is still growing and that the financial industry is using blockchain solutions more and more. With the MoneyTap app, people in Yamaguchi, Momiji, and Kitakyushu can give and receive money quickly and safely.