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13 New Banks Joins Ripple Ecosystem Courtesy SBI Holdings

Ripple blockchain based Money Tap app has attracted investments from 13 regional banks courtesy to the SBI holdings. In a March 28th announcement by the SBI Holdings, the firm confirmed that they have received offerings from 13 regional banks looking into invest into Money Tap.

Money Tap is a Ripple powered application which allows for seamless transactions from one bank to another and also quite popular for peer-to-peer transactions. The 13 banks which are going to invest in the Money Tap platform includes,

  • Ehime Bank
  • Kiraboshi Bank
  • Keiyo Bank
  • Sanin Joint Bank
  • Shiga Bank
  • Shimizu Bank
  • Shinsei Bank
  • Sumishin SBI Net Bank
  • Suruga Bank
  • Hiroshima Bank
  • Fukui Bank
  • Hokuriku Bank
  • Seven Bank

Out of all 13 banks, Seven Bank is one of the best known and falls under the elite list of banking service providers. recently, the bank has also announced the setup of 25,000 ATMs across the nation.

How the Collaboration Would Pan Out

In the collaboration between Money Tap and the 13 regional Japanese banks,  the Money Tap would make available the banking API connection developed by SBI holdings known as Fintech Platform to all its partners.

At the same time, Money Tap would be participating in domestic and foreign exchange consolidation consortium, while all its partners would also be involved with the management process.

Money Tap for its applications and usability was recognized and used by the Japan bank consortium back in 2018. The Japan bank consortium includes some of the prominent names like SBI Net Sumishin Bank, Suruga Bank, and Resona Bank.

The Japan Bank consortium is led by SBI Ripple Asia with complete dominance, where it covers 80% of the banking services in Japan and includes 61 banks in the list.

The current partnership and addition of 13 more banks show the dominance of Ripple powered banking solution in the Japanese Banking sector, and despite being at the receiving end of critiques for the level of centralization in the Ripple network, its banking services are only growing day by day.

Final Thoughts

Ripple powered banking solutions have become a rage and the number of banks looking forward to incorporating the Ripple powered solutions is only increasing by the day. This banking application promises lightning transaction speed and minimal transaction fee. Ripple Blockchain is bridging the gap between traditional banking services and blockchain powered ones.