Cryptocurrency News

Japan-based Resona Bank Withdraws Its Partnership With Ripple-Based Payment App MoneyTap


Resona Bank is ranked the fifth largest banking group in Japan in the year 2012. The bank will dissolve its association with Money Tap (a Ripple-based payment ecosystem) on 13 May 2019. The former declared the same on Thursday, 11 April 2019. The two joined the partnership along with SBI Sumishin Net Bank and Suruga Bank in October 2018. However, the reason for the partnership termination was not clearly stated. The bank only mentioned that it will continue to improve its services for clients, as an explanation for the action taken.

MoneyTap payment service is a Ripple-powered application. It facilitates a secure and impeccable internal bank to bank transfer in real time with the help of Ripple’s xCurrent payments product. As per the information shared by SBI, the application uses distributed ledger technology. It facilitates its users to send funds to recipients free of cost just by using his telephone numbers or a QR code. The application makes use of biometric features for fingerprint scanning in order to maintain security.

As per the reports, Japan’s Resona Bank proclaimed:

”About the cooperation cancellation with the remittance application “Money Tap” Cooperation cancellation date: May 13, 2019 (Mon) Thank you very much for using Resona Bank. Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

However, the reason behind the termination of the association between the two is yet not cleared by the firm, but as per the crypto-analysts, Resona’s wallet app could be a reason behind the action. The recently launched wallet app by Resona is believed to have the same attributes as that of MoneyTap. The banking group officially announced the launch of this app in February 2019.

SBI holdings obtained the license from the Japanese regulator to act as an Electronic Settlement Agency Service Provider before the launch of MoneyTap in October 2018. SBI group has launched an exchange, mining cryptos, investing in hardware wallet makers and also initiated to manufacture mining processors.

David Solomon, the CEO at Global Investment bank Goldman Sachs denied to all the past speculations regarding its plans to launch a crypto trading platform.

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