Home News Blockchain Japanese Bank Supporting Ripple-Based Money Tap Withdraws Support

Japanese Bank Supporting Ripple-Based Money Tap Withdraws Support

April 12, 2019 15:42
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Money Tap apps now available
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While Ripple has taken huge steps in the past few months, there have been a couple of roadbumps on the highway. One of them was, when the first Japan bank announced that it wished to opt out of Money Tap, an India-based app-based personal credit business.

One of Ripple’s significant partners in Japan, SBI Group recently announced that a number of banks have signed to use Ripple-backed Money Tap app. The SBI group had further said that they would be leveraging Ripple’s xRapid system.

However, Resona bank, one of the Japanese banks supporting Money Tap, announced that they would prefer to pull out of the collaboration. The announcement was made in an official statement and the cancellation would take place on May 13, this year. The statement said, “About the cooperation cancellation with the remittance application “Money Tap” Cooperation cancellation date: May 13, 2019 (Monday). Thank you very much for using Resona Bank. Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

However, the statement did not explain why they were pulling out.

As earlier reported by Crypto-News India, the launch of the app was announced in October last year on SBI’s official website through a press release. At the time the release had said, “We are pleased to announce that we have connected with 3 banks of Resona Bank, Suruga Bank and Shumishin SBI Net Bank, and started providing them (instant money transfer service through Money Tap). In addition, Money Tap can be downloaded sequentially from 4th of October on the App Store and Google Play.”

At the time it was also said that the 3 banks getting started with the service (namely Resona Bank, Suruga Bank and Shumishin SBI Net Bank) had decided to completely waive off the fee for transfers up to 100,000 Yen.

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