Japanese bank stops cooperation with SBI Ripple Asia's Money Tap

Japanese Resona Bank has announced it is backing out of SBI Ripple Asia app Money Tap. It started cooperation with Ripple last October, and the app will be available to the bank’s clients until May 13.

Money Tap is a blockchain money transfer app that offers free, real-time money transfers to anyone with a bank account. The app was launched last October and three banks—Suminobu SBI Net Bank, Suruga Bank and Resona Bank—participated.

In March, SBI Holdings announced Money Tap received investment from 13 banks. However, unlike two other partners, Resona was not listed as a backer.