Japanese bank is backing out of Ripple-powered mobile app

13 Apr, 2019
by Joeri Cant
News
Japanese bank is backing out of Ripple-powered mobile app

The Japanese bank, Resona, Japan’s fifth largest bank, is backing out of the collaboration with Ripple and Japanese financial powerhouse SBI Holdings' app Money Tap.

The Japanese bank, Resona, a major partner of Ripple Labs has announced its withdrawel from their collaboration with Ripple and Japanese financial powerhouse SBI Holdings' app Money Tap.

Japan's fifth largest bank apparently didn't offer any explanation as to why they decided to back out of the collaboration.

However, one reason could be that Resona is trying to build their own payment solution, instead of relying on those developed by startups.

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The blockchain money transfer app Money Tap, which was launched in October 2018, offers interbank money transfers in real time using Ripple’s xCurrent payments product. Users of Money Tap will be able to send funds 24/7, 365 days a year with the use of a bank account number, a mobile phone number or a QR code. The app will also include security features such as fingerprint biometrics.

In March Chepicap reported that Japanese financial powerhouse SBI added 13 banks to its latest payments app which will make use of Ripple remittance and that they had accepted investment by 13 banks, which include Ehime Bank, Kiraboshi Bank, Keiyo Bank, Sanin Joint Bank, Shiga Bank, Shimizu Bank, Shinsei Bank, Sumishin SBI Net Bank, Suruga Bank, Seven Bank, Hiroshima Bank, Fukui Bank and Hokuriku Bank.

The Japanese bank, Resona, was not included in this list of banks that invested in the app.

Most likely, this unforeseen setback isn't going to cause lasting damage for Money Tap, as Resona’s role in the agreement was more cooperative, than it was financial.

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Read more about:Ripple (XRP)Japan

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