SBI Japanese finance company has added 13 banks to its latest payment application, which will use Ripple money transfers.
SBI announced that it created Moneytap and connected 13 banks in the process.
Moneytap is a money transfer application that uses smartphones and distributed registry technology.
The idea behind Moneytap is to “stimulate a fast-growing cashless flow,” the report says.
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SBI announced that they accepted investments from 13 banks, including 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.
Moneytap users will be able to send funds 24 hours a day, 365 days a year, using a bank account number, mobile phone number or QR code. The app will also include security features such as fingerprint biometrics.
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The application will allow instant payments between banks, if the user has an account in the destination bank, and he is already registered for Internet-banking.
SBI cooperation with 13 banks for the mobile application with Ripple support. This step is a huge advance towards mass acceptance of instant payment providers using banks.
Editor: Yuliya Soroka