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MoneyTap in Japanese ATMs
According to the presentation, this step will enable customers of the Japanese banking consortium to withdraw money from any ATM regardless of their bank.Currently, each bank has an ATM with its own bank app, but with a common web app, the same ATM may be used as its own jointly operated multi-bank ATM.
The Ripple-based application, which is not yet known to use the XRP token, enables banks from the Japanese banking consortium to process transactions immediately, 24 hours a day, seven days a week. The app has been launched in fall 2018 with three banks and is to be rolled out gradually to the Japanese banking consortium led by SBI Ripple Asia, which consists of 61 banks covering more than 80% of all banking assets in Japan.
In a presentation recently made public, SBI Holdings now declares that it plans to use Ripple’s payment technology to provide the Japanese population with easier access to ATMs. In its recently published annual report on financial results, SBI states that it is working on integrating MoneyTap technology into ATMs at various banks across Japan.
In addition, the use of MoneyTap is expected to help strike a balance between maintaining customer service and reducing the operating costs of ATMs and to promote the standardization and use of “next generation ATMs” in Japan. Last September, Kitao was remarkably quoted saying that the app would use the XRP token in the future. However, an official confirmation is still pending.
Author : Jake Simmons