“We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals”
Banco Santander will become “the first UK bank to intrudoce Blockchain usage”
Santanders plans on achieving this feat through a new app developed in Q1 2018.
Santander has been busy testing blockchain technology via transfers and usages, stating:
“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. Currently, payments made in EUR can be sent to 21 countries and US Dollar payments to the USA only.” – Banco Santander
It looks like the spanish banking group will be primarily focused on Ripple (XRP) since they are already heavily invested in the blockchain technology.
“The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle. At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.”
This is a major shift in the usage of not only Ripple, but cryptocurrency and blockchain usage as a global decentralized effort.