Japan's Resona Bank Abandons work with Ripple-Based Payment App MoneyTap

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Leading Japanese bank Resona will Draw from Ripple-Driven blockchain payment Job MoneyTap on May 13, the Lender Declared on April 11.

A subsidiary of Resona Group, the fifth biggest banking team in Japan as of 2012, Resona Bank combined the job in October 2018, combined with SBI Sumishin Net Bank and Suruga Bank.

Launched on Oct. 3, MoneyTap payment support utilizes Ripple's blockchain alternative xCurrent, which promises to supply immediate domestic bank-to-bank transfers. The job was co-developed by Japanese financial services giant SBI Holdings and blockchain company Ripple, the company behind XRP, the next leading cryptocurrency by market cap.

Their official announcement stated:

“Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018, on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

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The lender didn't offer any specific details to explain its decision to withdraw from the venture, just adding it will continue to increase its solutions for customers.

Notably, the initiation of the program was declared in October a year ago on SBI's official site by means of a press launch. At the time that the launch had stated:

“We are pleased to announce that we have connected with 3 banks of Resona Bank, Suruga Bank, and Shumishin SBI Net Bank, and started providing them (instant money transfer service through Money Tap). In addition, Money Tap can be downloaded sequentially from 4th of October on the App Store and Google Play.”

Lately, MoneyTap obtained an undisclosed investment from 13 Japanese banks and financial institutions such as Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank.

Before MoneyTap's official launching in October, SBI Holdings obtained a permit from Japanese authorities to manage electronic payments within a Digital Settlement Agency Service Provider.

Also Read: Trade Organization ICC to support Blockchain Adoption for its 45 Million Member Businesses

Founded in 1918, Resona Holdings when the fifth-largest banking team in Japan. It's headquartered from the Kiba region of Koto, Tokyo. Resona Bank is the main working entity headquartered in Osaka.

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