Ripple has recently made the news for announcing that it would invest $50 million USD on MoneyGram and SBI Holdings, a Japanese financial services company. Now, the company is on the spotlight again and, fortunately, it is because of good news once more.
The company has recently announced that seven new banks are onboard of its Money Tap initiative, which is powered by the company’s xCurrent technology, based on the XRP Ledger.
Money Tap, in case you are not familiar with this technology, is a payment app launched by Ripple in order to make payments more seamless and faster. With the app, users can transfer money almost instantaneously whenever they want to.
The app also allows for transactions with bank accounts, using QR codes to pay and cross-border transfers. At the moment, only two banks were fully compatible with the system: Suruga Bank and the Suminobu SBI Net Bank.
Now, the Fukushima Bank, Towa Bank, Toho Bank, Chubuko Bank, Shimane Bank and Ashiga Bank, as well as a yet unnamed bank, are all using the Money Tap system, too. The number of banks which have invested in the technology, counting the ones that do not use it, is at 20 now. These banks include Shimizu Bank, Shiga Bank, Hiroshima Bank, Fukui Bank, Shinsei Bank and others.
As you may have perceived, basically all these banks are based in Japan. The Money Tap is becoming pretty strong locally, so there is no doubt that Japan is the main target that Ripple has for this project.
The current goal at the moment is to allow other organizations to participate in this consortium as well, which may bring benefits to them and to their customers. No names were announced, but some financial institutions are already interested in being a part of the new project.