The Ripple (XRP) community members are basking in euphoria over the launch of MoneyTap. The innovation which already launched its dedicated web portal, makes it easy for linking many Japanese banks with the help of a Ripple-based solution.
According to Ripple, the app has been launched and it is expected to be used immediately for all forms of cross-border payment.
An Overview Of MoneyTap
In March, the Ripple-dependent MoneyTap app was announced. The application is going to be used in dozens of Japanese banks from today.
With its iOS and Android applications launched, the transaction is zero- to low-cost, instant and seamless.
The Ripple-based application will make cross-border settlement as easy as possible, it will also beat and solve the traditional SWIFT-based money transfers protocol which some people complain falls below 21st century required settlement principles.
To better solve the problem of cross-border remittance, around 2016, SBI Ripple Asia Japanese Bank Consortium was launched launched.
The consortium was led by Strategic Business Innovator Group (SBI), a Tokyo-based financial services company having nothing less than 15 Japanese banks with the intention of using Ripple’s state of the art technology for easy cross border payment.
Interestingly, the consortium has furiously expanded and now has 61 member banks, which makes the group accounts for more than 80 percent of banking assets in Japan.
MoneyTap Begins A fresh Remittance Competition
MoneyTap will compete with Western Union, MoneyGram and even the almighty SWIFT and may likely unseat these age-long money transfer companies if it continues in this pace.
As it stands, SBI preaches in support of everything related to Ripple technology and its XRP token. At the just concluded Swell Conference, Ripple announced xRapid has officially become a tool that could be deployed by RippleNet member. This move will increase the use cases of XRP.