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Is Money Tap Not Working As Well As Expected?

It has been revealed by Japan’s Resona Bank that they have cut ties with Money Tap, a remittance service based on Ripple’s blockchain platform. The bank revealed that the partnership will officially be ending on the 13th of May. Resona Bank joined Money Tap on October 4, 2018, only a just a day after Ripple and partners launched the service. As per the reports published by The Lender reasons as to why Resona Bank decided to end the partnership has not been revealed by them, but they have promised their clients, that they will now be concentrating on improving their services.

Their official announcement which was released read:

” 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 their services further, so we ask for your understanding.”

Resona Bank, based out of the Kiba region of Koto, Tokyo, is the fifth largest bank in Japan was one of the three banks that were using Money Tap, the other two being Suruga Bank and SBI Sumishin Net Bank. Money Tap, according to Ripple, is a platform for banks to deal with real-time interbank money transfers. It relied on Ripple’s xCurrent product which ensures end-to-end tracking and operational consistency and enables users to send funds at no cost using telephone numbers or QR codes. Ripple had developed the product in partnership with SBI, Japan’s giant financial services group and on its launch had been greeted with great enthusiasm from the financial services providers for its speed and convenience.

Even though SBI announced that 13 banks and financial institutions such as Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank had invested in the platform and had joined as shareholders and more were soon to follow suit, none of these banks are using the product yet.