35th Financial Institution Makes an Investment in Ripplenet Technology for future expansion with XRP

Announcement of charge function for mobile remittance / payment service “LINE Pay”
March 31, 2020
Sumitomo Trust SBI Net Bank, Ltd.

Sumishin SBI Net Bank, Ltd. (located in Minato-ku, Tokyo; President and CEO: Noriaki Maruyama; hereinafter referred to as “Sumishin SBI Net Bank”) is LINE Pay Corporation (located in Shinagawa-ku, Tokyo; President and CEO). (CEO: Hisahiro Nagafuku) has started providing a real-time account recharging function using an API connection to the mobile remittance and payment service “LINE Pay” provided by LINE Pay.

With this initiative, LINE Pay users select Sumishin SBI Net Bank on the bank selection screen in the LINE Pay app, and immediately register their account with LINE Pay, and immediately transfer to the LINE Pay balance You will be able to charge.

This connection will be made using the system of “Money Tap” (provided by Money Tap Co., Ltd. *). In the future, we plan to connect with other cashless payment providers using the Money Tap system

Today Japan’s SBI Holdings announced a $20 million Series C investment in OpenLegacy, an API firm that helps customers to innovate on top of legacy systems. The startup has numerous high profile financial clients, including Citi, BNP Paribas-Cardi and FIS in banking and payments as well as Liberty Mutual and AIG in insurance. However, it also has several major clients in other sectors.

According to CrunchBase, OpenLegacy previously raised $41 million from Silverhorn Investments and Rafael Development Corporation. SBI is investing in OpenLegacy Ltd in Israel, although the operating headquarters of OpenLegacy Inc are in New Jersey, U.S.A.

The Japanese investor is very active in both banking and insurance. It wants to leverage OpenLegacy’s technology for the MoneyTap app and says it will recommend OpenLegacy for the digital transformation of regional banks.

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