MoneyTap to dominate Japanese money transfers

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  • MoneyTap is an app developed by American fintech Ripple Labs
  • Ripple is not likely to integrate XRP into the new app
  • The fintech partnered with three Japanese banks for MoneyTap’s preliminary launch

 

Ripple Labs is likely going to dominate the currency transfer market in Japan soon thanks to its MoneyTap app. The aim of the American fintech is to reduce hefty fees of traditional international money transfers, according to reports, a move that will give the company a better position in the Japanese market. The new development was made possible by a consortium formed by the company.

While the fintech’s entry to Japan has been planned for a number of years, observers note that Ripple and the SBI Ripple Asia Japanese Bank Consortium are finally putting together the finishing touches to launch the app. While news of MoneyTap had been making the rounds online in early 2018, the service only went live Thursday, September 13th.

MoneyTap will be working with SBI Net Sumishin Bank, Resona Bank and Suruga Bank during the preliminary launch of the cross-border payments service. Ripple representatives say that this will be followed by 60 plus members. According to News BTC, Ripple is hoping that the new development will give the company a chance to dominate Japan’s vast international money transfer market. Ripple will be going head to head with the world’s most dominant money transfer platform SWIFT.

Although the competition is fierce in the currency transfer market, Ripple believes that it can offer better prices as MoneyTap will make it possible for customers to send smaller amounts abroad. The settlement time will also be reduced, according to the company. Ripple said in a press release that it can guarantee same-day transfers. It is noted by fintech experts in Japan that the American firm won’t be using XRP to run the MoneyTap app due to its status as a security in the eyes of regulators. Ripple is currently in a legal battle involving the token.

Get more information about Ripple Labs and other companies that offer currency transfers by checking this link regularly.


Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

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