A consortium of 61 Japanese banks have partnered with blockchain firm Ripple to offer a new mobile app that will make it easier for banks to settle transactions instantly round the clock.
The new app, dubbed Money Tap, will enable customers of the consortium to make domestic payments instantly using a bank account, phone number, or QR code.
The app will initially be rolled out by the end of this year to customers of SBI Sumishin Net Bank, Suruga Bank, and Resona Bank, who are members of the consortium.
Ripple director of joint venture partnerships Emi Yoshikawa said: “The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain-powered solutions that dramatically improve the customer payments journey.
“We’re proud to provide this production-ready technology that not only improves the international payments experience, but also have applications for domestic payments infrastructure.”
The consortium is led by SBI Ripple Asia, a partnership of Ripple and SBI Holdings, and accounts for more than 80% of all banking assets in Japan.
SBI Ripple Asia CEO Takashi Okita said: “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.”