The CEO of Santander in the United Kingdom: “This spring, if nobody stops us, we will be the first major retail bank to make international payments at scale with blockchain technology”.
The app will have an agreement with Ripple and will be launched for clients from Spain, Brazil, the United Kingdom and Poland.
Santander is preparing to launch its international payment app in partnership with fintech startup Ripple, confirms the bank’s CEO in the United Kingdom.
Last Friday, Nathan Bostock said at the international Fintech conference in London that “this spring, if nobody stops us, we will be the first major bank to make cross-border payments with blockchain technology”.
Bostock mentioned Ripple as a partner, a fintech company that specializes in international payments with its xCurrent and RippleNet products, based on blockchain. He did not give a specific date for the product launch.
A Santander spokesman declined to comment on Bostock’s comments Business Insider asked.
Santander invested in Ripple in 2015 and repeated in 2016. The bank also tested among its employees an international payments app with Ripple technology.
The executive director of Santander, Ana Botín, spoke of the launch of the application in the presentation of the group’s results for 2017 at the end of January, stating that it will start operating in Spain, Brazil, the United Kingdom and Poland.
When it launched its app internally, Santander affirmed that Ripple’s technology allows transfers to be made in 24 hours, compared to the days that traditional payment providers take.
Technology also allows people to know in advance how much a transfer will cost. Most international transfer systems use several intermediaries to transfer money that are cut out along the way, so the final sum is often less than when it was sent.
Due to the process, most processors do not give an accurate estimate of the total cost.