Japanese bank SBI plans to integrate Ripple technology into ATMs

The MoneyTap app was launched by SBI Ripple Asia (2019% SBI, 60% Ripple) in autumn 40. The application was developed for both cross-border and almost immediate domestic transfers. Like from a new one Message SBI Group, it now wants to integrate this application into Japanese ATMs.

Ripples technology for multi-bank ATM

SBI Holdings (Strategic Business Innovator Group) has been a partner of Ripple for a long time and has announced that it will integrate Ripple's technology into their ATMs. The use of the technology should make it easier for Japanese people to access the machines. Because with the integration of a nationally used banking app, residents could use any machine for their financial activities.

The 2019 financial report from SBI Holdings states:

At the moment, every bank has its own machine with its own banking app, but with a common web app, the same machine could be used as its own common multi-bank ATM.

This should be made possible by, for example, bank A, bank B and bank C agreeing to use the MoneyTap application together. To optimize the expanded service, SBI is considering setting up a call center that is available 24/7, 365 days a year.

The integration of MoneyTap also has advantages for the banks themselves. According to the report, the integration reduces the operating costs of the machines. Better customer experience, cost reduction for the banks. A classic win-win situation. We are excited to see if and how the integration of Ripples MoneyTap will work.

XRP is not (yet) used for transfers

However, using Ripple's technology doesn't mean that it affects the course of the cryptocurrency XRP. Because although the technology from Ripple is used for the MoneyTap app, the XRP coin is currently irrelevant.

In September 2019, after a Aussage of SBI CEO Yoshitaka Kitao speculates about an early integration of XRP in MoneyTap. In a speech at the Fintech Summit in Tokyo, he says that XRP will be used for transfers in the future.


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