Japan’s Resona Bank Discontinues Collaboration With Ripple-Based Payment App MoneyTap

Blockchain, News | April 15, 2019 By:

Resona Bank, one of the largest banks in Japan, will discontinue its collaboration with Money Tap, a Ripple-powered blockchain payment project.

Money Tap is a smartphone app launched in October 2018 by SBI Ripple Asia, the Asia-Pacific partnership of Japanese financial services giant SBI Holdings and blockchain startup Ripple. The app enables real-time, round-the-year domestic money transfers between bank accounts using xCurrent, Ripple’s blockchain system that allows users to make transactions in different currencies globally. Money Tap reduces the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan. According to to the app’s official website, it is currently supported by 3 Japanese banks, including SBI Sumishin Net Bank, Suruga Bank and Resona Bank.

In its announcement, Resona said that it will discontinue its cooperation with MoneyTap. The bank did not provide details about its withdrawal from the partnership, but said that the cancellation will take effect on May 13.

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

In its 2018 annual report, the bank announced its plans to offer two new financial services on its platform. The first service will reportedly enable users to pay their taxes and bills directly with the Resona platform via a native app Resona PayB. The second service the bank is planning to offer is a new remittance API called Resona wallet, which will offer similar services to the MoneyTap platform.