Japanese Fund Transfer Platform MoneyTap Connects 60 Banks with Ripple, Launches Website

MoneyTap has officially launched its website which is a major step forward connecting several Japanese banks via Ripple solutions.

Photo: Money Tap

Photo: Money Tap

The main purpose of the new technologies is to be applied in a wide range of industries to facilitate and enhance a great number of processes. Banking sector is one of the spheres that eagerly adopt new solutions with a view to improve its functioning.

One of the examples of applying the cutting-edge technologies to the banking system is Money Tap. It is a Japanese fund transfer platform that is going to provide connection between a number of banks with the help of Ripple solutions. Recently, it has been revealed that the startup officially launched its website. Money Tap considers itself to be a kind of a “simple bank transfer application without charge” and “a new bank experience application provided from the consortium for domestic and foreign exchange”.

In general, the fund transfer system in Japan definitely needs to be improved. Transaction fees are rather high and it takes a lot of time to transfer people’s funds. Money Tap is going to change the situation. Via the solutions offered by Ripple, it is planned to reduce fees and to achieve a possibility to carry out reliable same-day transfers.

Money Tap will also offer a money transfer app that will be available on iOS and Android phones. It will be one of the first apps with such functionality that will be used by a number of banks at the same time. It is planned to release the app later this year.

Despite the fact that practically no information on the project has been already revealed, it is clear that Money Tap will be used by the Japanese Bank Consortium that unites over 60 local banks which is almost 80% of the country’s banking system. Without any doubts it is good news for Ripple community.

It is important to mention that the CEO of a Tokyo-based Strategic Business Innovator Group (SBI) has once said that they are also examining a possibility to use XRP for bridging currency on the Money Tap fund transfer platform. In general, now SBI is actively working with different cryptocurrencies. Nevertheless, Ripple solutions and XRP tokens represent a special interest for SBI.  Moreover, just a few months ago, the company established its crypto exchange called VCTRADE.

Though wide adoption of Ripple solution doesn’t show high rates, step by step it happens. More and more financial institutions are implementing Ripple’s technology to facilitate their processes. Nevertheless, XRP supporters are worried that XRP token is not widely used in the company’s banking solutions.

Speaking about XRP price, we should say that as well as a number of other coins, XRP has started to grow after a serious decline. According to CoinMarketCap, at the press time, XRP is traded for $0.27,  having gained over 5% in the last 24-hour period.

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