SBI Holdings announced plans to integrate Ripple-powered settlements across ATMs in Japan.
The integration is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation. Integrating MoneyTap will also allow banks to reduce the costs incurred through operating ATMs.
SBI further stated:
“Currently, each bank has an ATM with its own bank app, but with a common web app, the same ATM may be used as its own jointly operated multi-bank ATM.”
MoneyTap was launched in October 2019 on iOS and Android, facilitating instant money transfers via QR Code or phone number.
During September 2019, SBI chief executive and Ripple board member Yoshitaka Kitao stated that the firm was planning to utilize XRP for remittance in the future:
Mr. Kitao Finsum yesterday "We will use the virtual currency XRP for remittance" & “We are focusing on making Moneytap into the Group's flagship product. We are going to have various relationships with Ripple in the US, and this alliance is very significant.” More in coming video — CryptoEri (@sentosumosaba) September 5, 2019