Santander, Ripple to roll out DLT-based payments in Q1 2018

Monday 5 February 2018 10:23 CET | News

Banco Santander, a large Spanish banking group, has teamed up with Ripple to debut distributed ledger technology (DLT) for international payments for its retail customers in Q1 2018.

The bank first revealed its plans to introduce blockchain technology for international payments in 2015, when it said that it will launch the new service in the form of an app. According to EconoTimes. Furthermore, the bank said at the time that the app was rolled out as a staff pilot.

It has now revealed further details on the project in its 2017 Earnings Presentation in a slide titled “Same day mobile international payments in 3 clicks and 40 seconds using distributed ledger technology”, Ripple News reported. The app has been tested with Apple Pay and enables users to confirm payments between GBP 10 and GBP 10,000 securely using Touch ID.

According to the slide, Banco Santander plans to roll out the service in four countries simultaneously – Spain, Brazil, England and Poland. It believes that the technology would bring full transparency on fees and FX upfront.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Banco Santander, Ripple, FX , International Payments, DLT, blockchain, retail banking, partnership
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies