First Bank In Japan To Cancel Cooperation With Money Tap Powered By Ripple Tech

by Osiris Team


Posted on April 12, 2019, 10:23 a.m.
Development
Time to read: 2 min
XRP

Recently, it was announced that several banks would join the SBI-backed Money Tap app for the purposes of bettering cashless payments for small transfers, using Ripple’s xCurrent product. However, it has come to be known that Resona Bank is the first bank to discontinue their participation on Money Tap. The bank announced in an official statement., with the official date of cancellation being May 13, 2019.

The notice reads,

About the cooperation cancellation with the remittance application “Money Tap” Cooperation cancellation date: May 13, 2019 (Mon)
Thank you very much for using Resona Bank. Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.

13 banks had joined the Money Tap initiative, the purpose of which was described as follows,

Money Tap’ is a safe, real-time and comfortable app that allows users to transfer money between individuals directly and can deposit money directly from a bank to a bank account 24 hours a day, 365 days a year. In addition to the bank account number, we also have a remittance function that uses a mobile phone number or QR code (* 2, 3) to specify the remittance destination, and by combining this with biometric authentication such as fingerprints, the user experience (UX ) and security.

SBI is a firm backer of Ripple, with CEO Yoshitaka Kitao keen on getting banks to use Ripple’s technology.


Related links:
Source
Like and comment it on:

More cryptocurrency news

Latest news

Ripple leads investment in Mexico's Bitso exchange to develop LatAm markets

Mexico-based cryptocurrency exchange Bitso has raised capital from a number of major investors including Ripple, Coinbase, and Jump Capital to help it expand into Latin America.


Development
XRP

Oct. 15, 2019, 3:09 p.m.

UNICEF will not convert Bitcoin and Ethereum donations to fiat

The UNICEF is rolling out a pilot program to accept cryptocurrency donations—and won’t be converting the raised funds to cash.


Development
BTC ETH

Oct. 14, 2019, 3:01 p.m.

CFTC chair says ETH is a commodity and anticipates ETH derivatives to trade in the US soon

The Commodity Futures Trading Commission chair believes that Ethereum is a commodity, according to Yahoo Finance.


Adoption Development Regulatory
ETH

Oct. 11, 2019, 7:55 p.m.

Finastra, the third largest fintech firm in the world, joins RippleNet

Ripple announced on Wednesday a collaboration with UK-based Finastra, reportedly the third-largest FinTech firm in the world, to allow Finastra's customers access to RippleNet, Ripple's global payment network, for faster, cheaper, and more reliable cross-border payments.


Development
XRP

Oct. 10, 2019, 9:02 p.m.

Binance announces WeChat, Alipay support for Bitcoin purchases

Malta-based cryptocurrency exchange, Binance, has added WeChat and Alipay as payment methods on its platform.


Adoption Development
BTC

Oct. 9, 2019, 11:44 a.m.

Follow us