Ripple announced October 3 on its Twitter account that the Japan Bank Consortium has launched its long-awaited MoneyTap, which offers real-time settlement for domestic payments.
The app is compatible with some of the biggest banks in Japan, including Sumishin SBI Net Bank, Suruga Bank, and Resona Bank, and intends to add more in the near future.
The website, originally written in Japanese, stated:
The domestic and foreign exchange centralization consortium which domestic financial institutions participate in has utilized the distributed ledger technology (DLT) and has jointly built a new generation financial infrastructure that handles domestic exchanges in addition to foreign exchange.
The app will allow users to send money either by using the phone numbers or by scanning a QR code. It will also be using Ripple’s xCurrent payments product, which powers the consortium’s commercial version of the RC Cloud 2.0, and which it completed in December 2017.
For added security, the app will be requiring users to supply their fingerprints before allowing them to send funds. Interested users can now download the app, which is available for both iOS and Android mobile devices.
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