Santander to launch money transfer app via Ripples platform

Monday 26 March 2018 00:18 CET | News

Santander has announced that it will launch an international money transfer app in partnership with RippleNet.

The new app is expected to go live in the UK, Spain, Brazil, and Poland in the next few months. No specific data for launch of the new product was announced.

The bank had invested in US-based Ripple in 2015 and again in 2016. Santander began testing Ripple’s payment facility in 2016.

In December 2017, SBI Ripple Asia announced that they have partnered with three major credit card providers in Japan to improve user experience, solve a variety of issues, and increase efficiency through Ripple’s block chain technology. The participating credit card companies are JCB, Sumitomo Mitsui Card, and Credit Saison.

In early January 2018, MoneyGram signed an agreement with Ripple to test the latter’s network. By January end, IDT Corporation, a publicly traded US-based telecommunications provider, and MercuryFX, which offers discounted currency exchange rates, signed an agreement to start using Ripple’s xRapid platform. In February, the National Bank of Abu Dhabi announced that it will use use Ripple’s blockchain solution to send real-time cross-border payments to its customers. The bank also signed deals with the UAE exchange, IndusInd, the Central bank of Saudi Arabia, and Cambridge payments, among others.

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Keywords: Santander, money transfer app, Ripple, mobile banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech