Japanese investor SBI Group revealed that it’s planning new ATM software to be powered by Money Tap, the Japanese payment system based on Ripple distributed ledger technology (DLT). The news came as part of its annual results announcement, as first reported by DailyHodl.
SBI said that currently, each bank has its own ATM app. Its vision is that instead, by using a shared web app the same ATM could be used as a jointly operated multi-bank ATM. If you consider that ATMs are viewed by customers as standard offerings with little competitive advantage, this makes a lot of sense. It’s particularly logical for MoneyTap, which has 35 banking shareholders, many of whom are regional banks.
The ATM would use the Money Tap settlement network, which is an implementation of RippleNet software that does not use Ripple’s coin XRP.
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