13 Banks Back Ripple-Powered Mobile Payments App, Including Japan’s Largest ATM Provider

Japanese financial giant SBI says 13 banks are investing in MoneyTap, the company’s Ripple-powered mobile payments app.

MoneyTap launched in October of last year, giving customers at a consortium of banks the ability to make instant domestic payments requiring only a bank account, phone number or QR code. The app utilizes Ripple’s xCurrent to power payments in real time with lower domestic transfer and ATM fees.

Today, SBI announced 13 additional banks are investing in MoneyTap. The list of new investors includes Seven Bank, which is Japan’s largest ATM provider, with more than 25,000 ATMs across the country.

• Atago Bank• Kiraboshi Bank• Keiyo Bank• San-in Joint• Bank Shiga Bank• Shimizu Bank• Shinsei Bank• Suminobu SBI Net Bank• Suruga Bank• Seven Bank• Hiroshima Bank• Fukui Bank• Hokuriku Bank

Right now, three banks are utilizing MoneyTap: SBI Sumishin Net Bank, Suruga Bank and Resona Bank. Customers at any of those banks can use the app to move money 24 hours a day, 365 days a year, with zero fees.

MoneyTap is currently up and running on both iOS and Android devices.

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