Japanese Challenger Bank Kyash has enlisted the support of Ripple’s (XRP) Money Tap.
Despite the ongoing SEC lawsuit Ripple Labs is currently facing, its technology being used by more fintech companies. Recently, the avJapanese challenger bank known as Kyash has started using one of Ripple’s services.
Seamless Interbank Transfers
The service, named Money Tap, is used by the bank to execute fast, seamless and near-instantaccount top-ups immediately. Challenger banks are new retail banks that compete with the well-established banks in a country. Kyash started using the new technology on Thursday and is currently using an API for its wallet tech.
The application, also named Kyash, gives users the opportunity to transact directly from their mobile phones. Customers of the bank can deposit, top-up their ‘Kyash balance’ and transfer money with their bank accounts. Now that Kyash is using Money Tap, users would start enjoying more speed on their transactions.
How Money Tap works?
Money Tap helps both banks and customers transfer money in a much faster way. Kyash uses Money Tap to move funds to a financial institution selected by the customer. Acting on the instructions of the customer, Money Tap executes the payment, making it a kind of electronic payment processor.
The new technology makes bank to bank transfers available every hour of the day, unlike traditional transfer methods. RippleNet technology, developed by Ripple Labs, is shat facilitates inter-bank transfers and the connection between banks. The Money Tap technology could be used across different countries too. Creators of the platform are looking at how it could be integrated into ATMs too.
Ripple is a Huge Money Tap Shareholder
This news comes days after Ripple finalized its purchase of Money Tap from SBI. As it stands, Ripple Labs is now the largest shareholder with 33%, asides from SBI Holdings itself. Money Tap is owned by SBI Holdings, SMBC, and 37 banks. Two Ripple executives, Emi Yoshikawa and Eric Van Miltenburg are part of the 8 main board.
The first version of this electronic payment tech was launched two years ago in Asia, by SBI Ripple Asia. In the same year, SBI shareholders received XRP (Ripple’s native token) airdrops as shareholder benefits.