Ripple and Santander Bank team up to offer payments via blockchain
The app is currently available to Santander UK staff, but bank representatives have indicated that the launch could happen at the end of 2016 according to coindesk.com.
The app enables transfers into EUR and USD and allows users to send amounts between GPB 10 and GPB 10,000 (roughly USD 15 to UDS 15,000). It uses the Apple Pay mobile payments app as an interface, leverages Ripple’s distributed ledger as the payment rail and settles those funds in accounts the following day. The app currently allows transfers between Santander locations in 21 European countries as well as the US.
When a user sends a transaction through the app, it is broadcast across the Ripple distributed ledger. Funds paid out from one Santander account, after going through the one-day settlement phase, are then credited to another once settlement takes place.
Recently, Ripple has announced that plans to start partnership with R3CEV.
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