Japanese Bank Pulls Out Project with SBI Ripple’s “Money Tap” App

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Resona, one of the three Japanese banks collaborating with SBI Holdings and Ripple on their cash transfer app Money Tap, is abandoning the project.

The bank—Japan’s fifth-biggest—revealed the decision April 11, stating that it would terminate the remittance service offered through the app on May 13. However, it did not disclose any reason for the decision.

Money Tap was introduced in October 2018 with participation from three banks: Suruga Bank, SBI Sumishin Net Bank, and Resona. The product offers bank-to-bank money transfers in “real time” utilizing Ripple’s xCurrent payments product.

According to SBI, Money Tap is developed with distributed ledger technology. It allows users to send funds to others at no cost just by using the recipients’ telephone numbers or a QR code, and uses devices’ biometric features, like fingerprint scanning, for security.

Money Tap got investment from 13 banks just last month. The banks participated in the project as shareholders but do not seem to be utilizing its technology yet.

It was reported last year that baking mogul Santander was also introducing a money app based on Ripple’s DLT tech. Dubbed as Santander One Pay FX, the app enables customers to finish international transfers within one day.

Over the last two years, SBI Group has delved into full crypto, introducing an exchange, starting mining cryptos, putting money in hardware wallet makers, and most recently, beginning to manufacture mining processors.