It has been confirmed that the payment application developed by the SBI Ripple Asia consortium and approved by Japanese financial authorities, MoneyTap, will not work with cryptocurrencies. The system will carry out only payments with fiat currencies between the institutions of the Japanese Banking Consortium and their respective clients.
Ripple announced through its Twitter account that the MoneyTap application was already enabled on its website and can be downloaded to Android or iOS devices. The company also confirmed that the platform would be working exclusively to offer real-time settlements for institutional and bank payments between Sumishin Net Bank, Suruga Bank, and Resona Bank.
“The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real-time settlement for domestic payments in Japan,” stated Ripple on Twitter.
SBI Ripple Asia’s MoneyTap app won’t use cryptocurrencies
In this sense, the distributed network developed by the banking consortium SBI Holdings and Ripple Asia would be designed so that the clients of the before-mentioned banks in Japan could make transfers in Yen or foreign currency in real time, without fees, at any time of the day and any day of the week. The latter is the most outstanding advantage of the solution offered by Ripple.
At present, bank transfer services are limited to weekdays, from 9 AM to 3 PM, usually. Using MoneyTap, people can make transfers at any time, just needing the phone number or email associated with the destination account.
The MoneyTap payments platform was approved by the Japanese government for legal tender last September, days after the SBI Ripple Asia consortium announced it.
Similarly, MoneyTap became the first banking system, developed in conjunction with a crypto-related company, to have been approved by the Japanese government and enabled its services throughout the territory of Japan. However, the project left out the use of Ripple’s official cryptocurrency, the XRP (XRP).