MoneyTap, a DLT-based payment app developed by SBI and Ripple has gone live in Japan.
SBI Ripple Asia began working with a consortium of Japanese banks earlier this year on 'MoneyTap', a smartphone application that enables consumers to make instant domestic payments via a bank account, phone number, or QR code.
The new service bypasses domestic payment rails to allow settlement of payment flows over the RippleNet blockchain network using the cendor's cCurrent product, shedding the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan.
The service moved a step closer to live launch last month after SBI Ripple Asia completed registration as a "substitute agent" for electronic settlements.
The announcement of the commercial roll out was confirmed in a tweet from Ripple.
The app is initially live with SBI Net Sumishin Bank, Suruga Bank and Resona Bank. This will be followed by a staggered roll out to the remaining 58 banks in the SBI Ripple Asia-led consortium.