MoneyTap, a blockchain payment application co-developed by Japanese financial services giant SBI Holdings and U.S. tech firm Ripple Labs, has received investments from 13 Japanese banks, according to a Cointelegraph report.

SBI Holdings said in an announcement that Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank — together with 10 other local financial institutions — joined the the project as shareholders.

MoneyTap was designed to transfer money quickly using Ripple’s xCurrent blockchain solution, with the aim being to develop a remittance infrastructure that can operate 24 hours a day and enable customers to transfer money from their bank to any domestic or foreign institution participating in the project.

SBI Holdings has stated that banks using the solution are planning to collaborate to allow domestic bank-to-bank transfers, and reports indicate that MoneyTap will receive investments from additional Japanese financial instit