Santander UK, formerly known as Sovereign Bank is a UK based bank is a large retail and commercial bank and a wholly owned subsidiary of the major global bank Banco Santander. They have over 14 million active customers and over 5 million digital customers.
The bank’s UK CEO, Nathan Bostock has confirmed that in the next few months the bank is going to launch an international money transfer app joining hands with Ripple. The FinTech company Ripple carries out cross-border payments through its blockchain based Xcurrent and RippleNet products.
The CEO on Friday said that they will be the first large retail bank to carry out cross-border payments at scale with blockchain technology if nobody beats them to it. The Monetary Authority of Singapore’s managing director Ravi Menon had also stated earlier this month that they will use blockchain technology to enable payments across borders.
The press release from UK Santander says:
“Once the app is downloaded, users need to complete their profile details and can then 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.”
Bostock did not mention a specific date as to when it will be launched. The bank invested in Ripple in 2015 and again in 2016. They have also used Ripple’s technology to trail an international investment app in 2016. Compared to the days when cross-border payments were done by traditional means, this internal app allows transfers to be settled within 24 hours.
Santander’s CEO Ana Botin said that the app would go live in Spain, Brazil, UK, and Poland. It will provide the customer a digital wallet, a personal finance manager and will aid in P2P payments. A company spokesperson said that it will use Ripple’s xCurrent in this project which enables banks to instantly settle cross-border payments with end-to-end tracking.
In the case of Ripple [XRP], the company gives 1 billion XRP for internal use as it reserves tokens for itself. It has $51 billion worth of XRP coins which is 61 billion in number locked up in escrow over the next 4 years through a series of smart contacts. It was developed as a way to increase the trust in XRP. $84 million was sent from its $1 billion January reserve last month.
An investor comments on Twitter:
“You can only delay the inevitable!! XRP will become a turbo button on the computer that Ripple is installing at the banks. And who doesn’t push the turbo button!”
Another Twitterati says:
“In my opinion 2018 has more to do with laying the rails (infrastructure) then when the Banks see the rails are fast Ripple sales can give them a cost savings analysis using XRP, the train. Competition necessitates saving. That’s why WU got onboard.”
The post Ripple [XRP] joins hands with Santander UK to launch a new app appeared first on AMBCrypto.
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