It has been revealed that three major banks belonging to Yamaguchi Financial Group — namely, Yamaguchi Bank, Momiji Bank and Kitakyushu Bank — will introduce MoneyTap personal money transfer services for their customers.
The MoneyTap app is a smartphone-based service powered by RippleNet. According to the product's description, it offers a safe, instant and easy-to-use platform for person-to-person money transfers. The app also allows users to transfer money using cell phone numbers in addition to traditional bank account numbers.
MoneyTap, Ripple and YMFG
MoneyTap was first introduced in 2016 by SBI Ripple Asia, a joint venture between Ripple and SBI Holdings. The app was originally focused on providing international money transfer services for foreign workers in Japan. However, the mission of the project team has always been to enter the global money transfer market and expand globally. Thus, for example, MoneyTap is now available in India, a country with a population of 1.4 billion people.
Starting from April 17, 2023, clients of Yamaguchi Bank, Momiji Bank and Kitakyushu Bank will be able to use MoneyTap to send money among individuals.
With the introduction of MoneyTap to Yamaguchi Financial Group's banks, customers will now have access to an advanced platform offering a number of benefits. On the other hand, the application's user base will expand, and the Ripple ecosystem will reach a new level of acceptance.