According to SBI Holdings’ latest financial report, Ripple partner and investor SBI Holdings have plans to integrate Ripple-powered settlements across ATMs in Japan.
The report states that the Ripple-powered settlements platform MoneyTap will be integrated with ATMs run by various banks across Japan to provide consumers with easier access to funds at ATMs regardless of their banking affiliation.
SBI claims the move will also allow banks to reduce the costs incurred through operating ATMs. “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,” said the statement.
MoneyTap was launched in October 2019 on iOS and Android, facilitating instant money transfers via QR Code or phone number.