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 On Wednesday (March 7), the American digital payment company Ripple is cooperating with 61 Japanese banks on a payment application (app) that allows customers to instantly solve cash transfer problems 24 hours a day. This move is regarded as the latest effort to apply blockchain technology to the financial field.  Ripple said in a statement on Wednesday that the app will allow users to transfer funds to other bank accounts in the country. Beta testing will begin next month. Three banks, SBI Sumishin Net Bank, Suruga Bank and Resona Bank, will be the first to launch this service in the second half of 2018. Currently, the company Ripple is working with banks in other countries to revolutionize the way they make payments. Blockchain technology, a digital classification technology used for Bitcoin and other cryptocurrencies, has been touted as a potential way to track transactions across industries. In Japan, the Bank of Japan and the Japanese government are keen to adopt financial technology to improve efficiency as high costs and low interest rates put pressure on profitability. Okita, chief executive of the joint venture between Ripple and Sumishin's parent company SBI Holdings Inc, said in a statement that the Money Tap app will create a "faster, safer and more efficient" payment method. It is reported that the company is cooperating with a consortium of Japanese banks. Under Japan's current system, fund transfers can usually only be processed by banks around 3 p.m. on weekdays. Recently, Japan changed its laws to require banks to cooperate with registered third parties. These third parties all hope to connect their customers' accounts through application programming interface technology. "The app will use these so-called open API connections to enable money transfers between bank accounts," Ripple's head of joint venture partnerships Emi Yoshikawa said in a phone interview. The other banks in the alliance will introduce the app to customers over the next three to four years. ” In addition, she added that although the application focuses on domestic fund transfers, Ripple plans to expand it into cross-border payments and inter-bank settlements in the future. Yoichiro Higuchi, head of Resona's settlement department, said the bank aims to contribute to the promotion of a cashless society while improving customer convenience and reducing social costs.  Article source: Internet Copyright belongs to the original author. The article only represents the author's personal views. We remain neutral about the views expressed in the article and are for the purpose of examination and communication only. If the source label is incorrect, please inform us and we will correct/delete it promptly. Contact yangyaoyu88 on WeChat |
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