In October, it was revealed that Ripple would invest in Money Tap, the Japanese payments network owned by SBI, SMBC and another 37 mainly regional banks. Today SBI confirmed the investment is complete and that Ripple owns 33%, the largest shareholder after SBI. Two Ripple executives are joining the eight-person board.
The solution offers a mobile app that enables bank to bank transfers 24/7 instead of the usual Japanese banking hours, using RippleNet technology. It also aims to integrate cross border payments and the network is being incorporated into ATMs. Given that many of the banks are regional, the ATM addition will help to reduce their costs and benefit their customers as they move around the country.
SBI previously invested in OpenLegacy to help connect Money Tap to banking infrastructures.
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