SBI Ripple Asia and a startup from San Francisco launch new payment app
Stock Markets Group – Three banks SBI Ripple Asia will launch an application for smartphones that will work on the basis of the DLT of the Ripple network.
It is planned that the project will involve Suruga Bank, Sumishin Bank and Resona Bank, which, together with a startup from San Francisco will start using the new technology this fall called MoneyTap.
As representatives of the Ripple, it will allow customers of the three banks to make payments 24 hours a day, 7 days a week. As it is noted that using a smartphone or barcode scanner, Bank customers can make instant transactions without waiting for confirmation from the Bank, as it happens in normal operations.
Currently, the three banks participating in the project are the first part of the test, and if successful, the program will connect another 61 Japanese Bank, one of SBI.
Today the consortium SBI Ripple Asia completes last stage of modernization of money transfers for the clients of its member banks, using blockchain technology.
As previously reported, testing cross-border payments using Ripple, was conducted among financial companies in Japan and South Korea, and was successful.
After the completion of the current tests, it is expected that many Japanese banks will start to provide services cross-border transfers with respect to the new development.
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