This should be one of the largest uses of Blockchain in history.
Santander is launching a new international money transfer app in collaboration with Ripple, multiple sources are reporting. The Ripple app will go live in the coming months.
Nathan Bostock, the bank’s UK CEO spoke at the International Fintech conference in London on friday, and told the crowd:
“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
In recent years, Santander made investments in the company Ripple (2015 and 2016). In 2016, an app for international payments was used as a trial with its staff. The new app will be available to consumers within the next few months, Bostock confirmed, starting in Brazil, Spain, the U.K. and Poland. The Ripple app is said to offer international mobile payments ‘in 3 clicks and 40 seconds’. According to Santander, the use of Ripple technology allows for the settlement of payments within 24 hours. Normally, this can take several days.
Ripple app another partnership win
In recent months, a number of high profile financial companies anounced partnerships with Ripple or began using its technology. In february, Western Union confirmed it was testing Ripple technology. At that time, CEO Raj Agrawal said it was merely a test and ‘there was nothing so far in the process that would be a big unlock’. Ripple still made a minor jump right after that news. Then, there was a deal with UAE exchange (United Arab Emirates) to settle cross-border payments. Ripple then proceeded to make a 10% price jump in the day after this news.
So far, price hasn’t really reacted to this news (yet). Do with that information what thou wilt.
This is not investment advice. This is a blogpost. Be kind to your neighbors.