Ripple Settlements Are Coming to Japanese ATMs

Published at: May 17, 2020

Ripple partner and investor, SBI Holdings, announced plans to integrate Ripple-powered settlements across ATMs in Japan.

The news was revealed in SBI’s latest financial report, announcing a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by various banks across Japan.

The integration is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation.

SBI to integrate Ripple tech across Japanese ATMs

SBI claims that integrating MoneyTap will also allow banks to reduce the costs incurred through operating an ATMs, stating:

“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 launched in October 2019 on iOS and Android, facilitating instant money transfers via QR Code or phone number.

During September 2019, SBI chief executive and Ripple board member Yoshitaka Kitao stated that the firm was planning to utilize XRP for remittance in the future.

Sygnum Bank adds XRP support

In other news regarding Ripple adoption, self-described digital asset bank Sygnum has launched support for XRP trading, custody, and credit services.

Sygnum co-founder, Mathias Imbach, stated that he has been impressed by Ripple’s global traction — emphasizing that more than 300 financial institutions have joined the RippleNet payments network.

“The company’s XRP-based solutions address the pain points of the fast growing USD 700 billion global remittance market,” added Imbach.

Despite Ripple gaining payment market share, XRP has ranked among the weakest performing crypto assets year-to-date among the top ten by capitalization.

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