Retail Bank Santander to launch an international money transfer app with Ripple

Santander group which is a Spanish banking group is launching an international money transfer app in partnership with Ripple in the next few months, the bank’s UK CEO has confirmed.

According to Business Insider Nathan Bostock who is the CEO of Santander UK told in an international conference in London on Friday:: “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.”

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Santander invested in US-headquartered Ripple in 2015 and then again in 2016. The bank also trialled an international payments app using Ripple technology with its staff in 2016.

Image source: Santander

The CoinDesk’s article from Feb 2 reports that The bank had been piloting the app for 18 months with its employees, integrating Apple Pay for payments between £10 and £10,000 ($14 and $14,000), according to Finextra. The app will be rolled out in Spain, Brazil, the U.K., and Poland, according to the company’s 2017 earnings presentation.

Santander said that through the app consumers will be able to transfer cross-border payments in less than a day using ripple’s technology, compared to the traditional method which may take several days.

Source: Santander is set to launch an international money transfer app with Ripple

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