The app, Money Tap, will first go live in the fall of 2018 and will be available with three banks included in the consortium — SBI Net Sumishin Bank, Suruga Bank and Resona Bank — before being rolled out to the rest of the consortium.
The app is aimed to make it easier for banks to settle domestic payments in Japan. Consumers will only be required a bank account, a phone number or a QR barcode to use the app.
The banking consortium is led by SBI Ripple Asia, a joint venture between Ripple and SBI Net Sumishin Banks parent company SBI Group.
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