The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan!
The payment app is the result of the SBI Holdings consortium of banks, applying Ripple software solutions to make cross-border payments easier by using xCurrent. This product is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
Santander’s One Pay FX
The Santander One Pay FX payment app was released back in April amidst a lot of excitement. The app also uses xCurrent to provide a fast, simple and secure way to transfer money internationally. It also offers value, transparency, trust and wonderful service to its customers. The App is currently available to customers in the U.K, Spain, Brazil and Polland.
Santander’s Head of Innovation Ed Metzger, had this to say about the app during the recently concluded Swell event.
We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.
Only The Beginning
Borrowing from the words of Mr. Metzger, we are moving to a world of open platforms where companies collaborate to deliver excellent customer service to their customers. With such a mission at hand, it is only natural for other global banking institutions to adopt Ripple payment solutions to ease the hustles of cross-border payments for their customers.
Untapped Potential in Africa and South East Asia
It is therefore not surprising that the team at Ripple on-boarded Ms. Kahina Van Dyke to become the new Senior Vice President in Business and Corporate Development. Prior to joining Ripple back in mid July, Ms. Van Dyke had worked with global teams at MasterCard, Citibank and Facebook.
This then means she is aware of the power of sending micro-payments in developing nations in Africa and South East Asia. Micro-payments mostly do not exceed $5 and with Ripple software solutions, the transactions costs are more or less eliminated given that it costs $0.0004 per transaction on the XRP ledger.
With apps such as Money Tap and One Pay FX, the day-to-day lives of individuals in these regions could be improved dramatically as they receive remittances from loved ones all over the globe.
Summing it up, the emergence of the payment solutions apps of One Pay FX and MoneyTap, are a clear indicator of more and better apps to come. These apps will be powered by Ripple’s payment solution software and it is only a matter of time before most global citizens are using them.