TOKYO — Japan's financial industry is embracing innovation by looking to blockchain technology to facilitate its payments platform.<br /><br />CNBC reports that the Japan Bank Consortium, comprised of 61 member banks, is set to release MoneyTap, a Ripple-powered smartphone app that will allow customers to settle transactions in real time.<br /><br />The country's current system for cash transfers is limited. Transactions can only be processed on weekdays, from 8:30 a.m. to 3:30 p.m., and comes with high fees.<br /><br />With MoneyTap, customers can make payments and transfers using only a bank account, phone number, or QR code.<br /><br />Transactions go through the cloud-based Ripple Connect platform. Processing is instant and available 24 hours a day, seven days a week, for a fraction of the normal cost.<br /><br />The app will go live in the later half of 2018, starting with three major banks, followed by a staggered rollout of the rest of the consortium.
