According to Business Insider, the Santander London-based bank is launching a project with Ripple on international transfers in the next few months.
“SPRING THIS YEAR, WE WILL BE THE FIRST MAJOR RETAIL BANK WHICH WILL MAKE TRANSBOUNDARY transfers BASED ON BLOKCHaiN TECHNOLOGY”
Said Nathan Bostock, the bank’s CEO at the Fintech international conference in London on Friday.
According to the report, he did not mention the specific date of launch of the new product.
Santander belongs to the Spanish banking group, which was the basis in the Spanish city of Santander. There is also the headquarters of the group. In addition to Spain, Santander is one of the leading places in the UK, in a number of countries in Europe, Latin America, and also in the USA. The annual turnover of the bank for 2015 was more than 45 billion euros.
The benefits that Santander will receive when launching a project with Ripple
The idea is to launch a payment application for customers, and it will be available in Spain, Brazil, the UK, and Poland.
EXPECTED THAN THANKS TO THIS TRANSFERS WILL BE EXECUTED IN 24 HOURS, INSTEAD OF FEW DAYS
Also, the technology will allow you to know in advance how much transfer will cost, since often with the current system it is not always possible.
Ripple, founded in 2012, is headquartered in San Francisco, which is trying to implement solutions based on the blockchain and cryptocurrency in the global payment and transfer market. MoneyGram and Western Union are testing xRapid, and the UAE is using its xCurrent international transfer platform.
You can also find out why Ripple promises success.