SBI partnered bank has ditched plans to work with Ripple’s Money Tap App
- Resona, fifth largest bank in Japan and one of the three working with SBI and Ripple has abandoned their participation.
- The solution provides bank-to-bank money transfers in “real time” using Ripple’s xCurrent payments product.
Japanese bank Resona, which is one of the three banks that is working with SBI Holdings and Ripple on their cash transfer app Money Tap, are reported to be pulling out of the project. Resona, which is Japan’s fifth largest, detailed that they would cancel the remittance service provided through the app on May 13.
Resona did not provide any reasoning for the decision. The service Money Tap was launched in October 2018. with participation from three banks: SBI Sumishin Net Bank, Suruga Bank and Resona. The solution provides bank-to-bank money transfers in “real time” using Ripple’s xCurrent payments product.
SBI note that Money tap is built using distributed ledger technology. Facilitating users send funds to other parties at no cost using just recipients’ telephone numbers or a QR code, and utilizes devices’ biometric features, such as fingerprint scanning, for security.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
