Santander aims to be the first bank in the UK to employ blockchain technology to facilitate cross-border payments via its new app using Ripple’s xCurrent and RippleNet products, Business Insider reported.
“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,” Santander UK CEO Nathan Bostock told the International Fintech conference in London.
He did not give a specific date for launch of the new product.
In a statement, Ripple’s Chief Executive Officer Chris Larsen noted:
“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,” he added.
Santander invested in US-headquartered Ripple in 2015 and then again in 2016. The bank also trialed an international payments app using Ripple technology with its staff in 2016.
Santander CEO Ana Botin said at the end of January that the new app would go live in Spain, Brazil, the UK, and Poland.