Today Santander announced that they are the first U.K. bank to introduce Ripple’s blockchain technology to facilitate international payments through a new app. They are rolling it out as a staff pilot, with the intention to expand the technology at a later date.
Once the app is downloaded, Santander staff just need to complete their profile details and then they can start to make payments. It connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000 and payments can be made from GBP to EUR and USD. At this time, payments made in EUR can be sent to 21 countries and US dollar payments to the U.S.
We are providing the technology underpinning the app. Leading banks like Santander are taking advantage of our enterprise blockchain solutions to improve their cross-border payments, drastically reducing the time and cost of settlement and enabling new types of high volume, low value global transactions.
Sigga Sigurdardottir, Head of Customer and Innovation at Santander, emphasized how Ripple’s technology enables the bank to better serve customers:
“The need for finance has evolved from providing a physical pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle.
“At Santander we work hard to ensure our banking is simple, personal and fair and believe new blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.”
Our co-founder and CEO Chris Larsen applauded Santander for pioneering blockchain technology and moving real money between banks:
“Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable international settlement between banks who have adopted our solutions.
“As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service.”
In line with all new technology launched by Santander, security is of paramount importance. Security and regulatory compliance is central to all activity undertaken at Santander and their Ripple-powered app has already undergone the same rigorous testing all new technology goes through ahead of roll out.