First Japan bank to leave Ripple backed Money Tap tech

Money Tap is a financial technology company based in India and it is notorious for being the first app-based personal credit business. This was the first time such technology was introduced in India and this makes Money Tap one of a kind.

Recent news suggests that the Strategic Business Innovator Group, is supporting Money Tap and for making its progress more efficient and faster more banks have decided to back up Money Tap.

Money Tap was going to be upgraded by using the xRipple product. Many are excited to help make Money Tap’s progress faster but others are not so optimistic about the project. Recently the Resona Bank of Japan released a statement saying that it no longer wishes to be one of the banks backing up Money Tap.

No other bank involved has stepped down from the commitment yet other then Resona Bank. Resona Bank released date of when it will officially cut ties with the subject. The official date is 13th of May 2019.

The notice released by the bank states that Resona Bank is happy for the opportunity to cooperate with such a project but Resona Bank wishes to not support the Money Tap application. The contract started in October 2018 and is ending in May 2019.

As of now, over thirteen banks are supporting Money Tap. They clarified their motivation to support it by saying that Money Tap is secure and easy to use application. The application allows easy and fast transfer of money to individuals and bank accounts.

The services are vigilant and are available 24/7. It has gone out of its way to make the app easy to use for its users and makes complex procedures simplified to ensure that the customer has good experience with Money Tap.

The CEO of the Strategic Business Innovator Group is Yoshitaka Kitao and he is adamant in making banks adopt and use Ripple’s technology.