Santander Bank Launches a Cryptocurrency Payment App

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by | 16th April 2018 | 0 comments

Banco Santander, the largest bank in Spain and ninth largest bank in the world announced that they are launching an international payment app for retail clients. The app will be for retail clients and utilizing Ripple’s block chain technology.

In a statement, Banco Santander said, with the launch of its One Pay FX, that they are the “first bank to roll out a block chain-based international payments service to retail customers in multiple countries simultaneously”. The app built for smartphones will be available to retail customers in the UK, Spain, Poland and Brazil. The bank will the make the app available to further countries later this year.

Ana Botin Banco Santander’s executive chairperson said that “from today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK.”

Customers of the bank still headquartered in Santander 161 years after its establishment, will be offered various options for payment depending the destination of the recipient.

Santander is the first Global Bank to Employ Block Chain Technology

Interestingly, the Spanish bank has chosen Ripple’s xCurrent as the technology of choice, but will not use Ripple, the underlying digital token, to run the blockchain network.

Santander has previously said that the smartphone app will be able to process international payments with just “3 clicks and 40 seconds” This has not, as of yet, been verified independently with a press time transfer in the real-world.

Banco Santander is the first European bank to utilize and roll out blockchain technology to run a core banking process. There is a collective of 61 Japanese banks, who are responsible 80 percent of the Japan’s commercial banking assets that will be launching a similar payments app for consumers. This app will also use Ripple’s technology.

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