MoneyTap mobile app is being launched by 61 bank Japanese consortium. The banks will be using the Ripple protocol in order to instantaneously transfer money. The consortium will be headed by SBI Ripple Asia.
New beginning for Ripple:
Takashi Okita, Ceo of SBI Ripple Asia, has stated in a blog post that the trust between the banking consortiums will help them provide faster payment solution to the consumers. The payment app will provide them with the interface to safely conduct the transactions and to efficiently move payments domestically.
The 1st 3 banks which will start using the application will be SBI Net Sumishin Bank, Resona Bank, Suruga Bank. The rest of the banks will gradually start using the applications. The mobile application will allow the users to conduct transactions throughout the day.
Ripple is consistently gaining newer and newer clients. Japanese banks have been at the forefront of using the ripple technology. That is why the announcement of such an application does not come as a surprise. However, what comes as a surprise is the 61 bank consortium. If banks unanimously use the Ripple protocol, it will be a great boost for Ripple.
On the other hand, there are many other institutions as well as banks all over the world which are using the Ripple protocol. The Saudi Arabian monetary authority and Western Union are also looking into the Ripple protocol for instantaneous international payments.
The Ripple protocol is based on the blockchain technology. Owing to this very reason, the payments can be done globally. Also, the protocol is created in such a way that the verification can be done soon enough. This means instantaneously, payments can be transferred from any part of the world. Also, the verification is done instantly which ensures that the recipient is able to get the money quite quickly as well.
On a similar note, the South Korean bank has also announced that it will be using Ripple protocol to conduct overseas payments.
The number of clients which are using the Ripple protocol is consistently growing up. This is the reason why the ripple cryptocurrency also holds a lot of promise. As long as, banks, as well as financial institutions, start using the Ripple protocol, there will be value in the cryptocurrency as well. With more and more banks coming on the bandwagon, the Ripple cryptocurrency will surely be able to gain more momentum in the future.