The new integration will allow local bank users to facilitate instant domestic bank-to-bank and P2P transfers.
MoneyTap, a payment system powered by Ripple, gains traction in Japan as three local banks adopt the application to their services.
Japanese financial services conglomerate SBI Holdings' remittance-focused arm, SBI Remit, has extended support for its mobile MoneyTap application to three Japanese banks: Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank.
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The integration of MoneyTap enables these regional banks to provide their customers with a peer-to-peer (P2P) remittance service via a mobile app.
The MoneyTap app employs online identity verification and biometric authentication to ensure the high security of its customers, regardless if they are from Yamaguchi, Momiji, or Kitakyushu banks. The app also allows online remittance using not only bank account numbers but also mobile phone numbers.
SBI first integrated the mobile MoneyTap settlement service in 2019 after launching the app in partnership with blockchain company Ripple in October 2018.
MoneyTap, based on Ripple's blockchain solution RippleNet, aims to facilitate instant domestic bank-to-bank and P2P transfers for clients. It is worth noting that it is not the first integration. Upon its launch, the app was integrated with three Japanese banks: SBI Sumishin Net Bank, Suruga Bank, and Resona Bank.
In other Japan-related news, in April, Japan's Finance Ministry planned to launch an expert panel to examine the possibility of issuing a digital yen. In particular, the panel is set to create a framework for a national digital currency backed by the central bank.
On the other hand, Ripple rolled out a new business-to-business crypto liquidity solution.
The adoption of Ripple's MoneyTap by three more Japanese banks showcases the growing acceptance of blockchain-based payment solutions in the financial sector.
