According to reports, several Japanese banks have added support for Ripple-based MoneyTap. The three biggest Japanese banks included are Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank. MoneyTap is a P2P remittance/payment system service. The whole network operates on the RippleNet infrastructure.
The integration of the service marks a new chapter for the company. Additionally, it enables the banks to offer their customers a secure mobile application where they can use the company’s services.
The MoneyTap app enables online remittances through a mobile phone number. Of course, the account must use bank account numbers as well. The app also features online identity verification and biometric authentication. This enhances the security for customers of Yamaguchi, Momiji, and Kitakyushu banks.
The MoneyTap service made its debut in collaboration with blockchain firm Ripple in October 2018. The SBI, Sumishin Net Bank, Suruga Bank, and Resona Bank were among the initial supporters of MoneyTap. Additionally, what makes the service special is its speed. Through the Ripple infrastructure, MoneyTap provides instant domestic bank-to-bank transfers and P2P transfers for clients.
SBI Remit, a remittance-focused arm of SBI Holdings, integrated the MoneyTap settlement service back in 2019. This merger with MoneyTap in September 2022 allowed the financial arm to provide next-generation financial infrastructure. This provided it with high functionality and low cost.
Ripple Could Move To Japan If It Loses Legal Battle With SEC
SBI has emerged as one of the biggest partners of Ripple. The institution has supported the company throughout its ongoing legal battle with the SEC. Even though there is no clear date when the battle will end between US financial regulators and Ripple, SBI still shows support for Ripple. Morningstar, an SBI Group subsidiary, said it will continue its XRP shareholder benefits program as well. All of this support comes despite Ripple’s legal issues.
The CEO of SBI, Yoshitaka Kitao, has also stated that Japan is the most likely country for Ripple to move to if the company loses against the SEC. If Ripple loses its legal battle, it could be forced to leave the United States.
The latest adoption by the above-mentioned banks is a major step for Ripple. This company has shown increasing efforts to expand its presence in Japan. Through MoneyTap services, Ripple is doing just that. MoneyTap’s user-friendly features make it one of the most attractive options for customers who are seeking fast and efficient remittance services. As more Japanese banks adopt MoneyTap, it could potentially become the most popular payment system for customers across the country. This would be another significant milestone for Ripple and its Japanese expansion progress.