Ripple announced on Twitter on Thursday that the remittance application was created by SBI Ripple Asia and several participating banks.
A new website for the product has also been launched, and the site shows that the app can use Ripple’s xCurrent payment products to “intermediate” for interbank transfers.
The app’s iOS and Android clients are now online, allowing users to send money to others via phone numbers or QR codes, and use biometric logins such as fingerprint scanning to ensure security.
Currently, the service can only be transferred between the accounts of the three Japanese banks involved, SBI Sumishin Net Bank, Suruga Bank and Resona Bank. The website said that payment transfers are free and can be paid in yen or foreign currency.
SBI Ripple Asia announced at the end of September that it had completed registration in the Ministry of Finance of Japan and became an authorized agent for handling electronic payments – which cleared the last obstacle for the launch of the application.
In Japan, an Asian country, any entity that wants to use the bank’s API for electronic payments must now register with the local finance bureau – a rule that has been in force since June 1 this year.
Ripple’s xCurrent network is based on distributed ledger technology, and xCurrent is increasingly being adopted by banks seeking to remain competitive. In April of this year, banking giant Santander also launched a payment application using the xCurrent payment system.
Although xCurrent is based on a blockchain, Ripple’s crypto token XRP is not used by default.
However, at the Swell conference held by Ripple in the past few days, it was revealed that some payment companies are using Ripple’s third payment solution xRapid commercially, and xRapid does use XRP.
