Ground-breaking smartphone application called “Money Tap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week.

With Money Tap, the group’s customers will be able to settle transactions at most any time of the day or night, every day of the week. It’s said to be the first of its kind, and builds on earlier reports of a “consortium of payment card industries utilizing blockchain technology” that emerged back in December.

“Money Tap” is the first mobile app of its kind to be developed and used by multiple, different banks in the country.

Money Tap will have the potential to provide on-demand payments to the vast majority of the country through this consortium.

“Money Tap” allows the bank consortium customers to make instant domestic payments and only requires a bank account, phone number, or QR code.

What’s more, Money Tap helps shed the costs associated with existing banking and ATM fees that are currently applied to domestic money transfers in Japan, making those payments not just faster, but cost less overall.

“Together with the trust, reliability and reach of the bank consortium, MONEY TAP can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

The app also aims at making banking almost cost-free by shedding cost associations with the existing banking process and ATM withdrawal fees that are levied on domestic transactions.