Ripple Develops Blockchain Payments App With 61 Japanese Banks

Ripple, the U.S. digital payments company, is working with 61 Japanese banks on an application that will enable customers to settle cash transfers instantly around the clock, the latest effort to apply blockchain technology in finance.

The mobile app will allow users to send funds to other bank accounts in the country, Ripple said in a statement Wednesday. Beta testing will start next month and three of the lenders — SBI Sumishin Net Bank Ltd., Suruga Bank Ltd. and Resona Bank Ltd. — aim to roll out the service to customers later this year.

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