Japanese SBI Net Sumishin Bank, Suruga Bank and Resona Bank in the autumn are planning to launch a smartphone application called MoneyTap, which will run on the Ripple’s blockchain. All three banks are members of a Japanese banking consortium led by SBI Ripple Asia, a joint venture between Ripple and the financial giant SBI Holdings.
As noted in Ripple, the new application will allow customers of these banks to conduct internal transactions 24 hours a day and seven days a week without the usual time restrictions imposed by traditional bank transfers. To do this, you can use your bank account number, phone number or QR code.
Now the application is under testing. After, its launch is planned in other 61 Japanese member banks of the consortium.