SBI’s recent financial publication reveals the financial institution’s plan to embed MoneyTap, Ripple-powered settlements platform, in ATMs operated by several banks in Japan.
The integration is aimed to offer clients with quick access to funds via ATMs irrespective of the banks in which they have accounts.
SBI asserts that embedding MoneyTap will also enable banks to minimize the expenses borne for operating ATMs. The financial statement stated:
“Currently, each bank has an ATM with its own bank app, but with a common web app, the same ATM may be used as its own jointly operated multi-bank ATM.”
MoneyTap, unveiled in October 2019, on iOS and Android, facilitates immediate money transfers through QR Code or phone number.
During September 2019, SBI CEO and Ripple board member Yoshitaka Kitao stated that the company intends to use XRP for making payments in the months ahead.
Notably, digital bank Sygnum has rolled out support for XRP trading, credit and custody services. Mathias Imbach, Sygnum co-founder, stated that he is dazzled by Ripple’s global growth, highlighting that over 300 financial institutions have become a member of the Ripple’s payment network.
Mr. Kitao Finsum yesterday "We will use the virtual currency XRP for remittance" & “We are focusing on making Moneytap into the Group's flagship product. We are going to have various relationships with Ripple in the US, and this alliance is very significant.” More in coming video
— CryptoEri (@sentosumosaba) September 5, 2019
Imbach further stated that “The company’s XRP-based solutions address the pain points of the fast growing USD 700 billion global remittance market.”
Even though Ripple has garnered payment market share, its native crypto token XRP has not performed well. In fact, XRP’s performance is the worst among top ten cryptos by market capitalization.