Japan’s Resona Bank Opts Out Of Money Tap App Partnership with Ripple and SBI Holdings

In an announcement made on April 11th, Japan’s Resona Bank confirmed that they are canceling their commitment with Ripple-powered payment app Money Tap.

SBI Holdings launched a new app called Money Tap Co. Ltd, otherwise known simply as Money Tap, as a way for smartphones to transfer money. The entire program is built on distributed ledger technology that sends transactions quickly and helps to expand cash flow for smartphones, banks, and general users. The app uses devices biometric authentication, such as fingerprint scanning, for ensuring security.

A couple of weeks ago, BitcoinExchangeGuide reported of the company announcing 13 banks that would be accepting investors. In Japan alone, there were three banks committed to this partnership, however, Resonna Bank is now backing out.

Their official announcement said:

“Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018, on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

Notably, the launch of the app was announced in October last year on SBI’s official website through a press release. At the time the release had said:

“We are pleased to announce that we have connected with 3 banks of Resona Bank, Suruga Bank, and Shumishin SBI Net Bank, and started providing them (instant money transfer service through Money Tap). In addition, Money Tap can be downloaded sequentially from 4th of October on the App Store and Google Play.”

Founded in 1918, Resona Holdings if the fifth-largest banking group in Japan. It is headquartered in the Kiba area of Koto, Tokyo. Resona Bank is its biggest operating entity headquartered in Osaka.

Although, the Bank has not revealed the reason for this move.