08-Mar-18, Verdict 

A consortium of 61 Japanese banks have partnered with blockchain firm Ripple to offer a new mobile app that will make it easier for banks to settle transactions instantly round the clock.

Japanese banking consortium taps Ripple to launch mobile payment app (c) RTT News

Image: RTT News

The new app, dubbed Money Tap, will enable customers of the consortium to make domestic payments instantly using a bank account, phone number, or QR code.

The app will initially be rolled out by the end of 2018 to customers of SBI Sumishin Net Bank, Suruga Bank, and Resona Bank, who are members of the consortium.

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 Financial Services insights