Ripple marks another significant achievement in its book. Ripple’s partner and Japanese Fintech giant SBI Holdings revealed that its subsidiary, SBI Ripple Asia is registered as a substitute agent for electronic payments.
The registration has been completed under the Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2.
The announcement stated that only businesses that are registered with the Finance Bureau would be able to run an electronic payment agency in Japan.
The rule came after an Act has been passed in Japan back in June this year in order to revise a few banking laws.
Agencies receive new abilities
This latest act says that agencies have the ability to use Information Technology utilities, for instance, an open Application Program Interface (API) in order to obtain data such as customer balance, usage history, and provide them to depositors.
Agencies will also get the ability to provide services such as transfer for orders from one bank to another on behalf of the depositor.
The move clears the way for Ripple’s MoneyTap app
This move will completely clear the way for SBI Ripple Asia’s smartphone app MoneyTap.
This is basically a bridge to the next-gen financial infrastructure that’s powered by Ripple’s DLT.
The application creates an environment that allows for quick, safe and comfortable money transfer between individuals.
SBI Ripple Asia is heading the Japan Banking Consortium which is currently holding more than 80% of all the baking assets in Japan.
“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” will be properly implemented in the future,” according to the company.
They continued and explained that appropriate implementation of the contract and the disclosure obligations of the participating banks are required.
The main target is to develop new industries and reduce social costs, while at the same time increasing productivity.