ADVERTISEMENT
NewsLogical
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
NewsLogical
No Result
View All Result
Home Altcoins

SBI Ripple Asia’s MoneyTap Gets Investment from 34 Banks

by Olayode Yusuff
February 3, 2020
in Altcoins, Blockchain, Cryptocurrency, Tech
0
MoneyTap Ripple
0
SHARES
1.8k
VIEWS
Share on FacebookShare on Twitter

Nothing less than 34 banks have invested in SBI Ripple Asia-developed cheap remittance solution, Money Tap.

The project came through an Asia consortium spearheaded by SBI Holdings and Ripple Inc. Labs.

The banks include Ashikaga Bank, Awa Bank, EHIME BANK, Kita-Nippon Bank, KiraboshiBank, Gunma Bank, KeiyoBank, San-in Godo Bank, SHIGA BANK, Shimane Bank, Shimizu Bank, Shinsei Bank, SBI SumishinNet Bank, and some others.

Lately, three more banks joined the initiative, they include Michinoku Bank, Sumitomo Mitsui Bank, Sumitomo Mitsui Trust Bank, Yamaguchi Financial Group, the owner of Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank.

For now, SBI Holdings, which oversees everything about MoneyTap says in a report that I will consider accepting investment from the U.S.-based Ripple after it has completed the acceptance of investments from domestic financial institutions.

The move, according to SBI, is to strengthen technical cooperation, while also promoting initiatives that are related to international remittances.

To be able to achieve the anti-money laundering and know-your-customer strategies among other things for MoneyTap, the firm is leveraging the services of an Israel-based firm, Openlegacy to achieve API Connections easily with minimal customization.

In 2020, some features of the Ripple-based MoneyTap are expected to be launched. The application is expected to finally go live in 2020, after it had been tested in the past with zero-fee transactions.

Once the MoneyTap smartphone app is launched, it will work real time without any delay.

The app aims to reduce the time and cost of transactions for its customers in Japan.

The app will have room for a small amount of fund transfer and international money transfer services.

Also, it is going to have room for salary prepayment service and a space for QR code payment services.

SBI, which is spearheading this initiative, announced few days back it would be paying its shareholders in XRP. This is not just a progress for SBI, it has the potential of propelling the spread of XRP token in Japan and beyond.

Tags: MoneyTapSBI Ripple AsiaXRP News
No Result
View All Result

Highlights

Elon Musk Loaded Up In Dogecoin before Pumping Bitcoin – Peter Schiff

Crypto Investor Explains Why Cardano will Soon Topple Ethereum

Cardano’s IOHK Rebrands, Enters Final Stages of a Large Government Contract

Analyst Explains why Bitcoin Price Could Crash to $6,400

Online Search for “Dogecoin” Surpasses “Bitcoin” in United States

PayPal Q4 Earnings Report Shows Users More Active after Buying Cryptocurrencies


NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

Read More.

Dislciamer


Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

Read More.

About us

  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Privacy Policy
  • Team
  • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • XRP News
  • Price Analysis
  • Coin Guide
  • About
    • Team
    • Editorial Policy
    • Privacy Policy
    • Write for Us