MoneyTap is just one of the many businesses that are now using the Ripple Service. The Japanese fund transfer platform seeks to connect several banks in Japan, and have recently launched their company website.
Although not a great deal of information has been released about the project, this should be a big source of excitement for Ripple and the Ripple community as a whole, as the more people using their products and services, the better. The network has been specifically designed so that financial institutions can use it, and bring both efficiency and speed to a system that previously was slow and cumbersome.
The app is likely to open its doors at some point later this year, and will be available for both Android and iPhone users. It will be the first of its kind and it is looking likely that it will be used by several banks. The overall plan is to connect more than 60 domestic banks in Japan over the Ripple network, incorporating XRP in the process.Although the app was actually announced in March this year, it is set to roll out across many Japanese banks this coming autumn. It will facilitate instant and zero to low cost money transfers. If things keep going well for Ripple services, then the technology many be able to seize a large portion of the global money transfers that are going in and out of Japan.
Once in service, the MoneyTap app will not only compete with other services out there, such as the SWIFT-based banking system, it will also be competing against remittance companies like the Western Union Co.
This positive step has come at a great time for the platform, especially with the cryptocurrency industry fluctuating so wildly in the last few weeks.