Santander has announced the upcoming launch of an international money transfer mobile app that will use Ripple’s technology.
Group Santander will partner with Ripple to launch an international money transfer app using Ripple’s xCurrent and RippleNet Blockchain platforms, Business Insider reports today, March 24.
Speaking about the upcoming launch of the app at the International Fintech conference in London yesterday, March 23, Nathan Bostock, Santander’S UK CEO said:
“This spring, if not [sic] one beats us, we will be the first major retail bank to make cross-border payments at scale with Blockchain technology.”
At the end of January this year, Ana Botin, CEO of Santander, had mentioned the launch of the app in the company’s 2017 earnings presentation, noting that it will be open to Spain, Brazil, the United Kingdom and Poland.
According to Business Insider, Santander had invested in Ripple in 2015 and 2016. The two companies tested an international payment app with trial trials in 2016 that showed Ripple’s technology completed transfers in less than a day. The payment app will also be able to display an estimate of the cost of a money transfer.
So far this year, Ripple has partnered with MoneyGram to accelerate Fiat settlements, a consortium of 61 Japanese banks to create an instant domestic payments app, and a South Korean bank for “commercial” international remittances, among others.