MoneyTap Demo Powered By Ripple’s xCurrent Registers Real-Time Payments Without Fees
MoneyTap Demo Powered By Ripple Registers Real-Time Payments Without Fees
The new Ripple-powered application known as MoneyTap has shown that it is able to send funds without fees and almost in real-time. The application has been developed by SBI Ripple Asia and it is based on Ripple’s xCurrent technology.
Another institution that is already using the technology is Santander, one of the largest banks in Europe which is present in several continents. The bank has developed the OnePay FX application and is targeted for cross-border payments. MoneyTap, instead, aims at improving the infrastructure of the Japanese inter-day banking system.
A MoneyTap demo can be seen on Twitter after being uploaded by @EDadoun.
SBI money tap demo https://t.co/ALJyp0AwOv
— Eric Dadoun (@EDadoun) November 13, 2018
The application uses distributed ledger technology in order to process payments in a fast, easy and secure way. The country currently has very uncomfortable times for transfers. It is possible to transact between 8:30 a.m. and 3:30 p.m. and with heavy delay. With this application, 24/7 payments will be available for those customers of the Japan Banking Consortium, gathering close to 80% of all the banking assets in the country.
Companies and institutions can integrate with the platform with an open API. The application is going to be launched with the CBI Net Sumishin Bank, Resona Bank and Suruga Bank. In this way, the platform will be running a pilot test.
About XRP, the CEO fo SBI Group, Yoshitaka Kitao, said:
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
XRP is the third largest virtual currency in the market and it can be used to process payments in an easy and fast way. Moreover, XRP is being used by Ripple and its protocol to improve payment systems, increase liquidity and enhance the overall experience for institutions.
The SBI Group has also launched a new cryptocurrency trading platform that is known as SBIVC. It will be offering fiat exchange against XRP and provide liquidity to the xRapid product.
The local payment infrastructure in Japan can be improved with these systems and by embracing blockchain technology. Ripple is currently working with more than 150 companies all over the world.
Takashi Okita, SBI Ripple Asia’s CEO, explained that it is possible to remove friction from payments and create a faster, safer and more efficient payment experience for customers in the country.