The Japan Bank Consortium is to release a smartphone app called MoneyTap. The app, powered by Ripple’s blockchain technology, is designed to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week. SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the initial three members of the Japan bank consortium to go live on the mobile app in autumn 2018. This will be followed by a staggered roll out to the rest of consortium.
The Japan bank consortium, led by SBI Ripple Asia, is comprised of 61 banks covering more than 80% of all banking assets in Japan. MoneyTap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.