Japan has long been on the edge of leading technology advancements. Now, the Japan Bank Consortium proves this again by developing a new smartphone application called MoneyTap. It's a new app powered by Ripple blockchain which allows users to settle transactions instantly at any time of any day.
MoneyTap is the first app of its kind. Its developed and used by all the banks in Japan Bank Consortium. Theoretically, any user of this banks can transfer money on the moment's notice to any account in the network. The usage for now is limited to domestic payments, but they will be processed 24/7.
Domestic payments in Japan are now limited to weekdays between 8:30 AM and 3:30 PM, or else one can face delays in processing their payments. So, the new system will be quite beneficial from the start.
MoneyTap will allow not only the bank consortium users to make instant payments, but promises to reduce processing costs and fees, making the whole system perform more efficiently. CEO of SBI Ripple Asia, Takashi Okita said that using Ripple blockchain technology overall improves the payment infrastructure in Japan.
Japan Bank Consortium is led by SBI Ripple Asia and covers more than 80% of all banking assets in the country. Three banks will be covered by the new application from the start in the autumn of 2018 – SBI Net Sumishin Bank, Suruga Bank and Resona Bank. Support for other members of the Consortium will be rolled out in waves after the initial launch.