MoneyTap expands in Japan with three new bank integrations

MoneyTap expands in Japan with three new bank integrations

MoneyTap, the Ripple-based payment system, continues to grow in Japan with several local banks opening access to the application to their customers. SBI Remit, the remittance-focused arm of Japanese financial conglomerate SBI Holdings, has added support for its MoneyTap mobile application to three local banks, including Yamaguchi Bank, Momiji Bank and Kitakyushu Bank.

Yamaguchi Bank is a large regional bank in Japan, with 156 branches and offices in Japan and four overseas locations. Kitakyushu Bank is a subsidiary of Yamaguchi Financial Group and has operated 24 branches since the start of business. This integration enables the Japanese regional banks to offer a peer-to-peer transfer service to their customers through a mobile application. In addition to the bank account number, the remittance service enables online remittance via a mobile phone number. The app also features online identity verification and biometric authentication, aiming to ensure high security for customers of Yamaguchi, Momiji and Kitakyushu.

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SBI integrated the MoneyTap mobile settlement service in 2019, shortly after launching MoneyTap in partnership with blockchain firm Ripple in October 2018. Based on Ripple’s blockchain solution RippleNet, the MoneyTap app is designed to enable instant domestic bank-to-bank transfers and P2P -transfers for clients, initially supporting three Japanese banks, including SBI Sumishin Net Bank, Suruga Bank and Resona Bank.

As previously reported, SBI Remit merged with MoneyTap in September 2022, enabling it to offer a next-generation financial infrastructure with high functionality and low costs. SBI has emerged as a key partner of Ripple, supporting the company amid its ongoing legal battle with financial regulators in the US. Morningstar, an SBI Group financial data subsidiary, said in 2021 it will continue XRP ( XRP ) shareholder benefits despite Ripple’s legal troubles in the US.

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SBI CEO Yoshitaka Kitao also said in 2021 that Japan was the most likely country for Ripple to move to if the company is eventually forced to leave the US due to the tough regulatory environment. This statement demonstrates the strong partnership and support between SBI and Ripple, which has been ongoing since the launch of MoneyTap in 2018.

The MoneyTap application’s expansion through SBI Remit to Yamaguchi Bank, Momiji Bank and Kitakyushu Bank further demonstrates the growing adoption and recognition of Ripple’s blockchain solution RippleNet in Japan. With the additional bank integrations, MoneyTap expands its reach and gives more customers access to secure and efficient peer-to-peer transfer services.

Overall, MoneyTap’s expansion in Japan through SBI Remit and the three new bank integrations highlight the continued growth of RippleNet and the growing use of blockchain solutions in the financial industry. With high security measures in place, customers of Yamaguchi, Momiji and Kitakyushu can enjoy fast and secure payment services through the MoneyTap mobile application.

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