Santander creates a new unit which would be powered by Blockchain

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by | 14th July 2018 | 0 comments

Earlier in the week on the 11th of July, the Spanish Banking Giant, Banco Santander announced its intentions of using the distributed ledger technology (DLT) for securities transaction processes, from issuance to settlement and trading. For this purpose, the banking group came up with a separate team and along with other innovative technologies, blockchain would also be used for this purpose. The new “Digital investment Banking” unit which is also a part of Santander Corporate & Investment Banking will be led by the director of Santander’s blockchain lab, John Whelan

The responsibility of this new team is to make sure that the bank is implementing various innovative technologies in order to gain the most effective solutions to their customers. The use of tokenized securities in the capital markets business is one of the new approaches that will be undertaken by this unit.

Commenting on this move, The senior executive VP and global head of Santander Corporate & Investment Banking, Jose M. Linares, went on to state that “The wave of digitalization which is being seen in the financial industry is rapidly increasing. Also, it is simultaneously creating an expectation among our clients regarding better solutions, lower costs and new categories of products and services that will be enabled to their access.”

Santander’s blockchain lab is been led by John Whelan since 2016 who has kept exploring ways for the implementation of DLT in the financial industry. He was the president of International Ripple and also the co-chairman of Technical Steering Committee at Enterprise Ethereum Alliance (EEA)  in the early stages of his career. He was the founder of Engage-a-Pro and Coinist and was also its head.

When it comes to adopting blockchain for financial services, Santander is one of the most active banks to do so. One Pay Fx solution that is dependent on the technology provided by Ripple was also launched by the Spanish Bank.

The Spanish Bank is also part of many blockchain consortia, like Spanish Alastria, R3, we.trade EEA and a few others. Also earlier in the previous week, Santander announced that it has formed a partnership with we.trade to carry out the very first Spanish blockchain-based real-time trade transactions.

In further news Shanghai Stock Exchange has also shown their interest in potentially using blockchain for their security transactions.

 

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