Ripple is developing a blockchain payment application with The Japan Bank Consortium, that includes 61 Japanese banks. This application will enable customers to settle cash transfers almost instantly. The application will work 24 hours a day 7 days a week.
MoneyTrap, Ripple’s Powered Application
According to a statement released by Ripple, the company explains that “MoneyTrap” will be the first mobile application of its kind to be developed and used by different banks in Japan.
Apparently, SBI NET Sumishin Bank, Suruga Bank and Resona Bank will be the first financial institutions that will launch the mobile app in autumn 2018.
The Japan bank consortium is led by SBI Ripple Asia and it includes more than 80% of the banking assets in Japan. MoneyTrap will provide on-demand payments to most of the Japanese population with this consortium.
Takashi Okita, CEO of SBI Ripple Asia, said about his:
“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTrap, to improve the the payments infrastructure in Japan. Together with the truth, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Ripple Revolutionizes Domestic and Cross-Border Payments
In general, Ripple has been working in order to reduce the problems of cross-border payments and increase their efficiency. At the moment, around 100 financial institutions are using xCurrent. Besides that, Ripple is working with xRapid pilots that incorporate XRP into on-demand international payment flows.
“The release of the MoneyTrap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain powered solutions that dramatically improve the customer payments journey,” commented Emi Yoshikawa, director of joint venture partnerships at Ripple.
“We’re proud to provide this production-ready technology that not only improves the international payments experience, but also have applications for domestic payments infrastructure,” he finished.
In this way, Ripple is working to reduce the friction from domestic and international payments. Ripple’s mission is establishing an Internet of Value where money can move like information.