Ripple signed an agreement with 61 Japanese banks to develop a mobile application that will innovate the domestic payment system in Japan. These 61 banks account for 80 percent of the total asset value of Japanese banks.
Ripple, which wants to reorganize the banking industry with blockchain technology, signed an agreement with 61 Japanese banks and announced that it will cooperate with these companies on the development of the mobile application called MoneyTap.. The purpose of the application is to speed up the transfer process as much as possible.
The three major partners of Ripple, SBI Sumishin Net Bank, Suruga Bank and Resona Bank, will start beta testing as of next month.. Although progress is made within the plans, the system will be released in the fall of 2018.
SBI Ripple Asia CEO Takashi Okita expressed his views on the subject with these words;
“Ripple’s blockchain We are proud to benefit from technology. Thanks to the new application, MoneyTap, Japan’s payment infrastructure will noticeably improve.”
Okita continued;
“The transparency that blockchain provides, Thanks to mutual trust and the cooperation of banks, payments will now become smoother, faster and more secure.. We will continue to search for perfect payments for our users.”
Ripple, which has been used to solve international payment problems until now, will be used for the first time in the development of a domestic payment system after this development.
Bloomberg’ According to this, it may take three to four years for banks to fully use the service.. Still, if the service is ready, it may have the chance to be used actively not only for domestic but also for international payments.
Ripple and the Love of Banks
Even though cryptocurrencies seem to have been created basically against banks, Ripple is trying to destroy this perception. signing consecutive agreements. Unlike other cryptocurrencies, Ripple plans not to destroy the existing system, but to make it more efficient.
The San Francisco-based firm has so far signed agreements with many banks such as Amex, Saudi Arabian Central Bank, UAE Stock Exchange, Santander, Rakbank, Cualllix.
It is a matter of curiosity whether this development will have an impact on the price of the crypto coin.. For now, Ripple price does not seem to be affected by this news, as Ripple price watched a balanced image at the level of 0.90-0.91 during the day.
Next News: BTCTurk Adds Ripple to its Stock Exchange
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