Japanese financial giant SBI Holdings is soon to launch a payment application powered by Ripple’s distributed account technology for iOS and Android devices.
SBI Ripple Asia’s Chief Executive Takashi Okita – Joint Venture between SBI Holdings and Ripple located in San Francisco – unveils the website of the application called MoneyTap on Wednesday.
Although an exact launch date in this phase is unclear, the site indicates that the application is for the operating system to be available in the autumn for both and used for customers of three domestic banks in Japan.
The report said in March that SBI Ripple Asia has revealed that this project was supported by the Japan Banking Consortium, as well as technical support with Ripple.
SBI Ripple Asia said at that time that the service will be introduced for the first time for three members of the Consortium for SBI Net Sumishin Bank, Surgeon Bank and Resona Bank Consumers. After the official launch, 61 other members of the banking consortium are expected to expand the service.
The application will allow the customers to scan phone numbers or QR codes in an attempt to eliminate the barrier applied by conventional banking methods for 24 hours a week and seven days a week.
However, SBI Ripple is not the first major banking firm to launch a consumer-facing application enabled by the distributed account technology of Asia Ripple.
As stated, global banking giant Santander started similar service in April for Spain, UK, Brazil and Poland for foreign exchange between the bank’s consumers.