• Thirteen Japanese banks have invested in Ripple’s MoneyTap payments solution
• MoneyTap facilitates lightning fast payments for individuals and institutions alike
• SBI Holdings says the 13 firms will also function as shareholders of Money Tap Co., Ltd

SBI Holdings‘  MoneyTap, the Ripple blockchain-powered payments system created to facilitate superfast and cost-efficient payments, has attracted investments from 13 financial institutions in Japan, according to a new press release.

Thirteen Japanese firms invest in MoneyTap

As stated in its press release,  13 financial institutions have invested an undisclosed amount in Money Tap Co. Ltd, the subsidiary of SBI Holdings in charge of MoneyTap, a payments solution powered by Ripple.

According to SBI Holdings, it has received a substantial amount from Ehime Bank, Kiraboshi bank, Keiyo bank, SaninJoint Bank, Shiga Bank, Hokuriku Bank and several others.

Launched in October 2018, MoneyTap is a payments solutions that make it possible for individuals to transfer money on a peer-to-peer basis in a fast and cost-effective way, via their smartphones.

“The Japan Bank consortium launched MoneyTap today, a Ripple-powered payments app to offer real settlement for domestic payments in Japan,” declared SBI Holdings at the time.

In September 2018, Japan’s Ministry of Finance approved the platform, giving SBI the green light to process electronic payments.

Real-time payments

Powered by Ripple, the app also allows lenders and fintech firms in the region to facilitate payments in real-time. Presently, several banks in the Asian region have already integrated MoneyTap into their operations.

With the new investment, SBI Holdings has made it clear that the firms will now be able to integrate the MoneyTap solution into their processes while also being able to participate in the running of Money Tap Co. Ltd as shareholders, cooperating with other members of the consortium to provide cutting-edge financial services to clients:

“Going forward, in addition to participating in domestic and foreign exchange consolidation consortium, other financial institutions will also participate in management as shareholders and collaborate with other lenders to provide robust and highly beneficial financial services to customers.”

Despite the ongoing crypto winter, the project has seen significant adoption and formidable partnerships in recent times.

At press time, the price of Ripple’s XRP altcoin sits at $0.30, with a market cap of $12.9 billion.