Ripple’s xCurrent-powered MoneyTap’s live demo shows almost real-time payment with zero fees

Fibo Quantum

A new demo has surfaced which demonstrates the capabilities of SBI Ripple Asia’s long-awaited app known as MoneyTap, for faster payments in Japan. The demo shows that the app sends money for zero fees and in almost real-time.

The app, which is based on Ripple’s xCurrent technology, is the second of it’s kind. Another app that aims to do the same and is based on the same technology is Santander’s OnePay FX app. However, while OnePay FX is targeted at cross-border payments, MoneyTap aims to better the infrastructure of the Japanese inter-day banking transfer system.

It is powered by DLT to allow for a quick, safe and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 a.m and 3:30 p.m., with heavy delay otherwise. The app promises 24/7 payments, thus offering customers of the Japan Banking Consortium, which holds over 80% of all the banking assets in the country, to transfer value with ease.

It was made known in the past that it was possible for financial institutions to integrate with the platform using an open API. The app is set to launch with SBI Net Sumishin Bank, Resona Bank, and Suruga Bank for the pilot run.

Notably, the CEO of SBI Group, Yoshitaka Kitao, is extremely bullish on XRP, the coin utilized by Ripple for their xRapid product. He has stated in the past

“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”

Moreover, SBI Group has also launched a cryptocurrency trading platform known as SBIVC that offers fiat exchange with XRP, providing a valuable crypto-fiat onboard for liquidity in xRapid.

The consortium, which is headed by the SBI Ripple Asia alliance, covers over 80% of all the banking assets in Japan. This, coupled with the fact that Japan’s existing local payment lines are substandard, means that customers are likely to pick up a real-time payments app.

Takashi Okita, SBI Ripple Asia’s CEO, stated during the launch

“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”