Japanese Money Transfer Platform Connects 60 Banks Thanks to Ripple Technology
MoneyTap has officially launched its website which is a major step forward connecting several Japanese banks via Ripple solutions.
The main purpose of the new technologies are to be applied in a wide range of industries to facilitate and enhance a great number of processes. Banking sector is one of the spheres that eagerly adopt new solutions with a view to improve its functioning.
One of the great examples of new technologies implementation is MoneyTap. This is a Japanese fund transfer system that will connect several banks thanks to Ripple solutions. it was reported recently that the startup launched its new website.
In general, the fund transfer system in Japan definitely needs to be improved. Transaction fees are rather high and it takes a lot of time to transfer people’s funds. Money Tap is going to change the situation. Via the solutions offered by Ripple, it is planned to reduce fees and to achieve a possibility to carry out reliable same-day transfers.
MoneyTap also offers a mobile app for money transfers on iOS and Android. It will be one of the first apps with such functionality that will be used by a number of banks at the same time. It is planned to release the app later this year.
The startup is working with the Japanese Bank Consortium that unites over 60 local banks which is almost 80% of the country’s banking system. Without any doubts it is good news for Ripple community.
Influence of Ripple
Ripple solutions are slowly taking over the market. The number of financial institutions that are trying to implement the technologies in order to improve the work process keeps on growing day by day. However, the cryptocurrency supporters are concerned that XRP token is not widely used in banking industry yet.