MoneyTap, a peer-to-peer remittance service based on RippleNet, is now available to clients of several regional banks in Japan, including Yamaguchi, Momiji, and Kitakyushu. The service, which was launched in 2018 in collaboration with Ripple, offers instant domestic bank-to-bank transfers and P2P transfers. SBI Remit, a subsidiary of SBI Holdings, recently added support for MoneyTap to its mobile application, enabling these banks to provide their customers with the ability to transfer money instantly through a mobile phone number, along with online identity verification and biometric authentication. In 2022, SBI Remit merged with the service to provide next-generation financial infrastructure with high functionality and low cost.
SBI Holdings has become a major partner of Ripple, supporting the company amid its ongoing legal battle with financial regulators in the United States. With MoneyTap, these Japanese banks can offer their clients a convenient and secure way to send money domestically and internationally.