The SBI's Japan Bank Consortium appears to create new company.

[hamasugu 866]

 SBI's Japan Bank Consortium appears to create new company.

And SBI spread Money tap. And it seems to have plan to make Money tap into XRP wallet.

http://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/190131presentations.pdf

From page 105 to page 107

Edited February 11, 2019 by hamasugu

[WuWei 1,274]

Several revealing quotes from the pages preceding the "New Company" transition diagram on pg#107.  (I've read through these 153 pages for maybe the fourth or fifth time now - I'm super impressed at the both scope and the vision of SBI)

By spinning the Money Tap application off into an entirely new company, whose services would be available to financial institutions outside of their own network, it appears to me as if SBI is seeking to position Money Tap as a new "standard."  This would increase the reach and therefore the utility of their Money Tap app which would also do the same for xrp. 

"By providing Money Tap solutions to as many financial institutions as possible at a low cost, will dramatically improve customer benefits"

 "Through “Money Tap,” the Provision of an Environment that Allows Connected-Bank Users to Safely, Remotely and Comfortably Remit Money Between Individuals"

"In order to further improve convenience, contemplating the addition of FX remittance function and the use of XRP at the time of implementation, with an inspection from various angles, including legal maintenance, etc (legal arrangements must be made)"

"Money Tap: About Future Scalability

UXs that do not require account opening and charging

As it is directly connected to a bank account, there is no need to open a prepaid account or charge in advance like other services. (Available as long as you have a supported bank account)

Other services may not accept withdrawal of charged electronic money, or may require a fee upon a withdrawal, but Money Tap does not require any such fee

Transfer of existing banking transactions in addition to new demand

• Can easily transfer money between one’s bank accounts, which has been done at ATMs up until now.

Initiatives led by banks / electronic settlement agents

High external safety and reliability, owing to the banks being the main players

Business scalability owing to banking license, including payroll and foreign exchange transfers."

 

Of significant note is something that I believe is going to be key to their success: both their extensive, in-house of security solutions and their alliance with those built into the R3 Corda platform.

"KYC (Know Your Customer) services

Establishing a “common customer base” where all personal information is managed as a whole, rather than just financial asset information (financial institution balances, statements, etc.)

Leveraging R3’s Corda to design a high resistance to falsification

For AML/CFT*, the ability to provide solutions at the FATF (Financial Action Task Force) level

 *Anti Money Laundering and Combating the Financing of Terrorism"

 

Bottom Line: despite what may appear to be a painfully slow rollout of their adoption and use of xrp within Money Tap, SBI appears to have taken a comprehensive, "no stone left unturned" approach. I'm very optimistic that once they get rolling with the full-scale release of Money Tap, that it's got a great shot at becoming THE standard for financial institutions, both far and wide.