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Japanese bank refused to work with SBI Ripple Money Tap

Resona, one of three Japanese banks that collaborate with SBI Holdings and Ripple to develop the Money Tap money transfer application, leaves the project.

Resona – the fifth largest bank in Japan – announced this decision on Thursday, stating that it will cancel the money transfer service provided through the app on May 13. However, he did not provide any basis for the decision.

Money Tap was launched last October with three banks: SBI Sumishin Net Bank, Suruga Bank and Resona. The product provides real-time interbank money transfers using the Ripple xCurrent payment product.

According to SBI, the cash crane is built on a distributed ledger technology. It allows users to send funds to other people for free using only recipient phone numbers or a QR code, and uses the biometric features of devices, such as fingerprint scanning, for security.

Just last month, Money Tap received investments from 13 banks that joined the project as shareholders, but are not yet using this technology.

Exactly a year ago, it was already reported that the banking giant Santander is also launching an app for money based on Ripple DLT technology. The application, known as Santander One Pay FX, allows customers to make international transfers within one day.

Over the past two years, the SBI Group has fully engaged in cryptographic protection by launching the stock exchange, taking up the mining of cryptocurrencies, investing in manufacturers of hardware wallets and, most recently, has begun production of mining processors.

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