Consortium of 61 Japanese banks will be releasing an instant mobile payment app using Ripple’s technology and financial solutions around fall of this year – based on Ripple’s blog.
Takashi Okita – CEO of SBI Ripple Asia, that is leading the 61-bank consortium that represents over 80% of all Japan’s banking assets, added on the post:
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Resona Bank, Suruga Bank and SBI Net Sumishin Bank will commence the process of using the application in the coming fall, while the rest will initiate the program step-by-step afterwards.
Ripple has a long and strong list of creating partnerships with banks to use its payment technologies. In February, Ripple announced two new financial service partnerships; one with the Saudi Arabian Monetary Authority for use of its cross-border payment technology for banks within the country and another with Western Union, who is testing Ripple’s Blockchain-based settlement system for transactions.
Accordingly with the above, a bank based in South Korea declared that it is drawing out plans to use Ripple’s cross border payment tech and services for remittances, encouraged by a test run in Japan SBI Group and Ripple.