Menu IconA vertical stack of three evenly spaced horizontal lines. Santander UK CEO: “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. Consumer app in partnership with Ripple set to be launched to customers in Spain, Brazil, UK, and Poland. LONDON — Santander is on track to launch an international money transfer app in partnership with fintech startup Ripple in the next few months, the bank’s UK CEO has confirmed. Nathan Bostock told the International Fintech conference in London on Thursday: “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.
He did not give a specific date for launch of the new product. A spokesperson for Santander declined to comment when Business Insider inquired about Bostock’s comments. Santander CEO Ana Botin flagged the upcoming launch to customers of the payment app in the group’s 2017 results presentation at the end of January, saying the new app would go live in Spain, Brazil, the UK, and Poland. Santander said when it launched its internal app trial that Ripple’s technology allows transfers to be settled within 24 hours, compared to days with traditional cross-border payment providers. The tech also lets people find out up front how much a transfer will cost. Most international transfer systems use various middle men to transfer money who will take cuts along the way so the final sum is often less than when it was sent.
Because of the covulted process, most processors can’t give an accurate estimate of the total cost. Ripple, founded in 2012, is a San Francisco-headquartered company trying to bring blockchain and cryptocurrency solutions to the global payments and transfer market. Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Enter the characters you see below Sorry, we just need to make sure you’re not a robot.
Is the SEC Gunning for Ethereum and Ripple? The SEC has other fish to fry besides cryptocurrencies Ethereum and Ripple. This conclusion is potentially disastrous for the crypto economy as it would undermine the liquidity of the two popular cryptocurrencies, and place exchanges and other financial services businesses in legal jeopardy from the SEC. The good news for crypto investors is that the prospects of the SEC taking action are remote.