Banco Santander is launching ripple-based payment. Banco Santander, one of Spain's largest banks, will partner with ripple to launch an international money transfer application using ripple's blockchain xCurrent and RippleNet platforms.
“With blockchain technology, we will be the first big retail bank to make cross-border payments.”
At the International fintech Conference in London, Sandander's UK CEO Nathan bostock said::
If we don't pass this spring, we'il be the first big retail bank to make cross-border payments with Blockchain technology.
Banco Santander Ripple-based payment application available in Spain, Brazil, UK and Poland
Santander CEO Ana botin talked about the launch of the company's 2017 balance sheet presentation at the end of January of this year. The application can be used in 4 different countries, including Spain, Brazil, England and Poland. The application targets retail banking customers with the slogan “3 clicks 40 seconds”.
Banco Santander has been experimenting with payments in USD, GBP and EUR since May 2016.
The payment application can also estimate the cost of a transfer of money
Santander invested in ripple between 2015 and 2016. In 2016, the two companies tested the international payment application, which shows that Ripple technology has completed transfers in less than a day. The payment application can also estimate the cost of a transfer of money.
So far, ripple has collaborated with MoneyGram to speed up Fiat settlements. There is a consortium of 61 Japanese banks and a South Korean Bank for “commercial” international companies, among others, to create an immediate domestic payment application.
Innovatures, one of Banco Santander's venture capital funds, became an investor in Ripple by participating in a series of funding made by Ripple in September 2016.
