SBI to Consolidate Japanese ATMs Using Ripple Powered MoneyTap
Summary
- SBI will consolidate Japanese ATMs using Ripple powered MoneyTap
- SBI also believes that Ripple can ” Become the De Facto Standard of the Next Generation”
Japan’s prominent online broker, SBI, has long been one of Ripple’s largest customers. SBI’s payment settlement offering, SBI Remit utilizes RippleNet to offer an on-demand payment settlement solution for residents in Japan and Thailand. SBI Remit currently processes over 10 billion JPY monthly using RippleNet. SBI CEO, Yoshitaka Kitao, is also a member of Ripple’s Board of Directors.
MoneyTap
However, the Ripple SBI partnership extends far deeper than SBI Remit. In 2018, the Japan Bank Consortium, of which SBI is one of three members, announced a payment settlement mobile app called “MoneyTap”.
We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payments infrastructure in Japan,
Takashi Okita, CEO of SBI Ripple Asia
More importantly, MoneyTap is powered by Ripple’s RippleNet. MoneyTap allows individuals to transfer and settle payments, quickly, reliable, and cost-effectively. According to a press release last month, Ehime Bank was the first bank to adopt MoneyTap.
MoneyTap Settlement Network
SBI plans to further MoneyTap adoption by using MoneyTap’s settlement system to consolidate ATMs in Japan. By integrating ATMs within MoneyTap’s settlement system, banks can reduce costs and streamline operations. This will be a boon for RippleNet adoption as integrating the MoneyTap’s settlement service within the nation’s ATMs will boost RippleNet usage.
Ripple’s Role in International Finance
In addition to its current use cases, the banking conglomerate believes in Ripple’s potential to change the banking landscape as a whole. By specializing in international remittance, RippleNet offers institutions a quick, and cost-effective way to settle payments abroad.
With large reputable institutions backing and vouching for Ripple, it will be unsurprising to see Ripple adoption surging in the upcoming years.
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