Santander is launching a new app that lets customers make international payments using blockchain technology. That blockchain technology is powered by Ripple, which Santander’s investment arm (Santander Innoventures) backed toward then end of last year. Ripple, formerly known as Ripple Labs, is based in San Francisco and offers financial settlements using distributed ledger technology blockchain.
Currently being tested in a staff pilot, the bank says payments can be made between £10 and £10,000. Once users have set up a profile, the app then connects to Apple Pay and they can confirm payments using TouchID finger print recognition verification. Payments made in Euros can be sent to 21 countries, but US dollar payments can only be made domestically in the US.
It claims it is the first UK bank to use blockchain tech for “live” international payments transfers – though then goes on to say payments will be deposited next day.
The news follows UK bank Barclays’ decision to become the banking partner of Goldman Sachs-backed bitcoin payments app Circle for its European launch.
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