Today SBI Ripple Asia (SRA)
announced it has received a license for electronic payments as a ‘substitute business’. The substitute aspect refers to the fact that SRA is not a bank so its a substitute agent for electronic settlement. SRA is planning to launch its Money Tap remittance mobile app shortly.
In June, legislation relating to electronic payments came into force in Japan. Now electronic payment businesses can use open APIs to access bank data. SBI says the purpose is to “obtain information such as the balance and usage history of the depositor’s bank account from the bank and provide it to the depositor.” This is similar to the European Open Banking era that started in January this year.
Money Tap will enable payments between individuals, and the open APIs allow financial institutions to participate without getting deeply involved in blockchain technology.
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