5 New Banks and a Total of 25 are Now Investing in Ripple Powered MoneyTap

  • After seven banks last month, five new banks have entered the Moneytap fold
  • Established in March 2019, the smartphone app is powered by Ripple’s xCurrent that doesn't use XRP
  • xCurrent’s latest version 4.0, however, utilizes XRP by integrating xRapid

MoneyTap Inc. has gained five new banks viz. Sendai Bank, Tochigi Bank, Fukuoka Central Bank, Michinoku Bank, and one other bank taking the total tally to 25.

Just last month, seven new banks have joined the consortium.

The total list of investment companies in MoneyTap is:

SBI Holdings, Keiyo Bank, Ashikaga Bank, Atago Bank, Kiraboshi Bank, Sanin Joint Bank, Shiga Bank, Shimane Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Internet Bank, Suruga Bank , Seven Bank, Hiroshima Bank, Fukui Bank, Fukushima Bank, Hokuriku Bank, Sendai Bank, Chikubo Bank, Toho Bank, Towa Bank, Tochigi Bank, Fukuoka Central Bank, Michinoku Bank, and 2 other banks.

SBI Holdings announced the news on July 30.

Going forward, the company says it will add other financial institutions to its management as shareholders along with domestic and foreign exchange consolidation consortium.

Established in March 2019, MoneyTap is a money transfer application for smartphones that uses distributed ledger technology (DLT). Powered by Ripple, it is a

“next-generation financial infrastructure.”

Facilitating Instant and Inexpensive Cross Border Transactions

On March 6, Ripple had announced that the Japan Bank Consortium is releasing a “groundbreaking” smartphone called Moneytap that allows customers to the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.

Led by SBI Ripple Asia, the Japan bank consortium is comprised of 61 banks covering over 80 percent of all banking assets in Japan. MoneyTap provides on-demand payments to the vast majority of the country through this consortium.

The smartphone app allows the bank consortium customers to make instant domestic payments and only requires a phone number or QR code and bank account. It even helps in shedding the costs associated with ATM fees and other existing banking fees.

MoneyTap uses xCurrent that facilitates instant and inexpensive cross border transactions but does not use XRP. However, its latest version xCurrent 4.0 enables customers to integrate XRP powered xRapid payments system.

However, at the time of the release of the new version, David Schwartz, Ripple CTO had said that getting all customers upgraded is a

“complex process.”

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