77-year-old Japanese Ehime Bank has adopted the Ripple-powered remittance platform, MoneyTap, to offer a free, instant, and seamless service to its customers across the country. MoneyTap offers remittance service at no cost for 24 hours and 365 Days between banks.
According to a release by MoneyTap Co., Ltd, a section of SBI Holdings, Inc, the application has been completely connected to Ehime Bank, and it is to start work today April 13, 2020.
The MoneyTap app works on smartphones and allows users of connected banks to make fund transfer instantly at their comfort.
At the time of filing this report, MoneyTap is the first financial service provider in Japan that gives its users the opportunity to make direct remittance between bank accounts at any time, the release has said.
With the inclusion of bank account numbers, users can use QR codes or phone numbers to make necessary transfers.
“By combining this with biometric authentication such as fingerprints, we aim to achieve both user experience (UX) and security.”
Intending users are offered the advantage of downloading the app and get the best of the best service.
The fees for remittances are preset by the individual banks. Remittance fees are free for Yen transfer regardless of the bank one is transferring to.
Several banks are already making plans to use the MoneyTap app due to its unmatched values. As of today, Sumishin SBI Net Bank, Suruga Bank, and Ehime Bank are connected to the service.
The collaborative work between Ripple, SBI and some other banks across Asia resulted in what is today referred to as MoneyTap. The collaboration continues to create more room for the adoption of Ripple technology and XRP cryptocurrency across the continent and beyond.
In fact, SBI Holdings is leading in increasing the adoption of XRP among financial firms.
