Cryptocurrency and ICO news 04.10.2018

SBI Ripple launched MoneyTap app in Japan

MoneyTap, a consumer-focused blockchain money transfer app built by SBI Holdings and Ripple, has now gone live.

The remittance app is the product of SBI Ripple Asia and several participating banks.

A new website for the product has also been launched indicating that the app is able to make bank-to-bank money transfers in “real time” using Ripple’s xCurrent payments product.

Available for both iOS and Android devices, the product allows users to send funds to others using just their telephone numbers or a QR code, and utilizes devices biometric log-in features, such as fingerprint scanning, for security.

Currently, the service is only able to remit between accounts held at the three participating Japanese banks – SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Payments are being offered at no charge and can be sent in Japanese yen or foreign currencies, says the website.

Ripple’s xCurrent network is built on distributed ledger technology and has recently seen increasing adoption by banks seeking to stay competitive as rival payments offerings proliferate. While based on blockchain, xCurrent does not by default utilize the Ripple-linked crypto token XRP.

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