Ripple-Powered MoneyTap Receives Investing from 13 Leading Banks, Announces SBI Holdings

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by Darya Rudz · 4 min read
Ripple-Powered MoneyTap Receives Investing from 13 Leading Banks, Announces SBI Holdings
Photo: MoneyTap/ Facebook

Ripple is receiving investments from 13 banks into its MoneyTap App, which handles money transfers between banks as well as between individuals via smartphones. The app does not use XRP, but employs xCurrent for powering payments.

It seems that the crypto community is no longer surprised by Ripple‘s efforts to promote its products, in particular XRP-powered xRapid and xCurrent. Products backed by Ripple’s blockchain technology also enjoy popularity, and the recent announcement from Japanese SBI Holdings, known as Ripple’s supporter, testifies that.

According to SBI Holdings, MoneyTap, the remittance mobile app powered by Ripple, is receiving investments from 13 banks. They are Atago, Kiraboshi, Keiyo, San-in Joint, Shiga, Shimizu, Shinsei, Suminobu SBI Net, Suruga, Hiroshima, Fukui, Hokuriku, and even Seven Bank, a top class bank and the country’s largest convenience store ATM provider with over 25,000 ATMs in operation.

Launched in October 2018, MoneyTap offers carrying out money transfers between banks as well as between individuals via smartphones. To perform instant payments, the app requires only a bank account, phone number or QR code. MoneyTap works on both Android and iOS.

The first institutions to use the app were SBI Net Sumishin Bank, Suruga Bank, and Resona Bank, all of them are members of the Japan bank consortium.

The developers stated:

“Money Tap is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code (* 2, 3) to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security.”

It is notable that the app does not use XRP, but employs xCurrent for powering payments in real time with lower domestic transfer and ATM fees.

Ripple is Taking On Indian Market Partnering with Federal Bank

Ripple’s xCurrent and xRapid are the most popular products that spark interest in the company’s activity and attract investors. The latter has recently brought a new partnership to Ripple. On March 28, the company signed a collaboration deal with Federal Bank Ltd. in India. As a result of the partnership, the Federal Bank will take part in cross border remittance via the Ripple network.

According to Mr. Shyam Srinivasan, Federal Bank MD & CEO, they see xRapid as a platform that ‘ensures cross-border transactions much safer and secured’. Moreover, as Srinivasan said, the Federal Bank is crucial to India’s remittance industry, and due to this role, it is ‘only natural’ for them to bring in ‘the latest technology,’ which is what led them to Ripple.

Federal Bank, with its 70-years history and over 1200 branches, is not the first Indian bank to join the Ripple network. Earlier, Ripple partnered with Yes Bank, Axis Bank, IndusIND, and Kotak Mahindra.

XRBP — a New Interface for Easy Access to the XRP Ledger

Ripple community and XRP supporters want this currency to be the future of money, that’s why they make significant efforts to constantly improve the technology. Recently, Dev Null Productions, a software production agency, released XRBP — the tool that allows easy access to the XRP Ledger.

Using XRBP, you can connect to Ripple servers to read and write data into the XRP Ledger. The program will be compatible with all ‘Rippled servers, or third-party servers powered by the XRP Ledger technology.

The developers explained:

“XRBP allows the developer to read and write data to/from the XRP network in real time, synchronizing ledger data including accounts, transactions, objects, and more. Data is presented via both synchronous and asynchronous mechanisms with multiple-connection load balancing and fault tolerance baked in behind the scenes.”

Announced on March 27, XRBP has already met approval from the XRP community, members of which congratulated the Dev Null team on Twitter.

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Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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