The remittance app is the product of SBI Ripple Asia and several participating banks. Moreover, a new website for the product has been launched indicating that the app is able to make bank-to-bank money transfers in “real time” using Ripples xCurrent payments product.
The product is available for both iOS and Android devices and it allows users to send funds to others using just their telephone numbers or a QR code. In terms of security, it utilizes devices biometric log-in features, such as fingerprint scanning.
Currently, the service is only able to remit between accounts held at the three participating Japanese banks – SBI Sumishin Net Bank, Suruga Bank, and Resona Bank. Payments are being offered at no charge and can be sent in Japanese yen or foreign currencies, according to CoinDesk.
In late September 2018, SBI Ripple Asia announced that it had completed registration with Japan’s Ministry of Finance as a licensed agent for handling electronic payments – the final hurdle before launching the app, the online publication continues.
In the Asian nation, any entity wanting to handle electronic payments using banking APIs must now be registered with local finance bureaus – a rule that came into effect from June 1, 2018.
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