Japanese Banks Develop Application Through Ripple Infrastructure

San Francisco-based crypto money company Ripple announced on Tuesday that Japan's SBI Net Sumishin Bank, Suruga Bank and Resona Bank will present a smartphone application to the market, called MoneyTap, which will be strengthened by Ripple's distributed notebook technology (DLT) It announced.

Ripple announces that with this new application, three banks will be able to realize their customers' transactions on a 24/7 basis every day.

Furthermore, customers can simultaneously scan traditional bank transfers outside of working hours by scanning a bank account, phone number or QR code.

Under the leadership of these three banks, the other members of the Japan Bank Consortium are currently testing this new application. According to the statement, 61 more banks will be involved in the project later this year.

The SBI Ripple Asia project, jointly conducted by Ripple and Japan's financial giant SBI Holdings, will be made available to customers seeking to implement transactions using the blockchain infrastructure after the latest developments on transactions between international banks.

In the past, SBI Ripple Asia initiated a blockchain-based pilot application using Ripple's DLT system for transactions between financial institutions in Japan and South Korea. Finally, South Korea's Woori Bank has been one of the few financial institutions in the world that integrates Ripple's payment product into its infrastructure in foreign operations.