Money Tap went live in October 2018 and was incorporated into Money Tap Limited in March 2019. A total of 35 Japanese banks and institutions have invested in the company: SBI Holdings, Ashikaga Bank, Awa Bank, Ehime Bank, Ogaki Kyoritsu Bank, North Japan Bank, Kiraboshi Bank, Gunma Bank, Keiyo Bank, San-in Godo Bank, Shiga Bank, Shizuoka Bank, Shimane Bank, Shimizu Bank, Shinsei Bank, Sumi Shin SBI Net Bank, Suruga Bank, Seven Bank, Sendai Bank, Daiichi Bank, Daiwa Securities Group Inc., Chikuho Bank, Toho Bank, Towa Bank, Tochigi Bank, Hiroshima Bank, Fukui Bank, Fukuoka Chuo Bank, Fukushima Bank, Hokuriku Bank , Michinoku Bank, Sumitomo Mitsui Banking, Sumitomo Mitsui Trust Bank, Yamaguchi Financial Group (Yamaguchi Bank, Momiji Bank, Kitakyushu Bank).
Money Tap and ATMs
The integration should make it easier for local consumers to gain access to funds at ATMs, regardless of their banking service provider. This will reduce ATM operating costs. According to the report:
“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.”
Money Tap continues to grow in Japan, while all eyes are on Ripple’s On-Demand Liquidity. ODL is Ripple’s software that financial institutions can use to source liquidity on-demand with XRP and avoid pre-funding. Back in December 2019, it was revealed that Flash FX was planning to expand the ODL service to Japan.