Banco Santander has set a Q1 2018 launch date for the introduction of same day mobile international payments for personal customers using Ripple's distributed ledger technology.
A spokesperson for the bank noted:
“We plan to launch this in the coming months, and we can confirm in the registry that we plan to use xCurrent in the project. We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals.”
Santander plans to introduce the application in four countries simultaneously while promising full transparency on fees and FX upfront. For now, the app will only be made available in the UK, Spain, Poland, and Brazil.
With this new application, the bank’s customers will have easy and less expensive cross-border payments on the same day in less than a minute. The app also comes with a digital wallet, a personal finance manager and is designed to help with payments between people, no matter their location.
In November, the UK arm of the bank also announced plans to work with American Express to use Ripple's tech for blockchain-enabled cross-border business-to-business payments.
Posted on: 07/02/2018