Innovation is an outcome of necessity. There is always a continuous attempt to improve the quality of service and efficiency in all business sectors. Innovation greatly helps the cause. Banking sector never hesitates to implement new technologies that promise better transparency and efficiency.
One of the noteworthy examples of applying disruptive technology is the integration with fund transfer platform Money Tap. The platform links multiple Japanese banks through the solutions offered by Ripple.
Recently, Money Tap launched its website, marking an important step in bringing together several Japanese banks through Ripple solutions. Money Tap describes itself as a “simple bank transfer application without charge” and “a new bank experience application provided from the consortium for domestic and foreign exchange”.
In Japan and elsewhere money transfer fees are generally high. Furthermore, transaction takes considerable time to complete. Money Tap intends to change this situation by offering Ripple’s solutions. Notably, Ripple’s solutions facilitate same-day transfers.
To achieve the objective Money Tap is planning to offer an app for both Android and iOS phones. The app, which is planned to be released later this year, is unique in the sense that it will be used by multiple banks simultaneously.
So far, very little news is available about the project. But it seems that Japan’s banking consortium that includes more than 60 major domestic banks, representing ~80% of Japan’s banking system, will be using it and this is a real positive development for Ripple.
It should be mentioned here that the CEO of Strategic Business Innovator Group (SBI) has mentioned that there is a possibility of using XRP as a bridge currency on the Money Tap fund transfer platform. SBI also established its crypto exchange called VCTRADE more than two months before.
