Japanese bank Resona made a statement on April 11th that it is calling off its partnership with blockchain-based payment system MoneyTap effective May 13th, according to a Cointelegraph report.

Resona Bank had joined the partnership in October 2018 at the same time as two other Japanese banks: SBI Sumishin Net Bank and Suruga Bank.

MoneyTap, launched late last year on October 3rd, 2018, is a provider of payment services that runs on xCurrent, a blockchain platform powered by Ripple. Ripple is a major international payment network that links banks and apps to users across the globe.

The partnership between MoneyTap and the aforementioned banks was jointly developed by SBI Holdings, a major Japanese company, together with blockchain expert Ripple, the company that launched XRP which is now the world’s third-largest cryptocurrency by market capitalization. The payment services from MoneyTap was to offer immediate bank-to-bank transfers.

However, Resona Bank stated that it is backing out of the deal, without offering further details explaining its decision and saying only that Resona will “continue to improve its services for clients.”

Japanese banks are keen to adopt digital technology for their financial services. MoneyTap reportedly received investment from 13 Japanese banks and financial institutions, such as Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank.

Before MoneyTap was launched in October, SBI Holdings was granted a license from Japanese regulators to carry out electronic transactions as an Electronic Settlement Agency Service Provider.

Source: cointelegraph.com

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