Ripple-powered payment system MoneyTap has etched significant strides in Japan. According to a recent development, SBI Remit has integrated support of its mobile MoneyTap application to three local banks. The same include Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank. SBI Remit, on the other hand, is the remittance-focused arm of the Japanese financial services company SBI Holdings.
The latest MoneyTap support addition will enable the Japanese regional banks to offer customers a peer-to-peer remittance service. This will be done via a mobile application. Alongside the bank account number, the remittance service will foster online remittances via a mobile number. Other notable features of the app focusing on security include biometric authentication and online identity verification. Specifically, the announcement noted,
“In addition to the bank account number, a remittance function using a mobile phone number is also implemented, and by combining online identity verification at the time of account registration and biometric authentication at the time of use, user experience (UX) and security are compatible.”
“In addition, Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank ensure high security by performing two-step authentication when linking bank accounts with Money Tap.”
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Customers to benefit from efficient remittance services
The official announcement highlighted that SBI Remit merged with MoneyTap in September 2022. The company mainly provides international remittance services centered on remittances to the hometowns of foreign workers living in Japan. With respect to the future outlook, the announcement read,
“Going forward, we aim to provide seamless and efficient remittance services to a wide range of customers on a global level, regardless of domestic or foreign exchange.”
Here, it is worth noting that Yamaguchi is one of the most prominent names in the regional banking sector in Japan. It has around 156 branches and offices in the country and a few overseas locations. On the other hand, Kitakyushu Bank is a subsidiary of Yamaguchi Financial Group. It has operated around two dozen branches since its inception.
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