Market Today

Santander Believes to be ready for Blockchain-based International Payments in spring
Editorial Team

San Francisco-based start-up Ripple (XRP) is partnering with the banking group Santander to commence its international money transferring application with the solutions which are providing via the Blockchain-supported X-current and RippleNet.

The UK CEO of Santander, Nathen Bostock, on March 23, during a conference in London, said about the upcoming app backed by block-tech:

“This spring, if not [sic] one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with Blockchain technology.”

At the beginning of 2018, the company’s CEO Ana Botin presented the 2017 earnings the app was highlighted out mentioning its availability to the Brazilian, Polish, Spanish and the UK market.

The company began investing in Ripple back in 2015 and 2016. Since then, Santander has run test trials, similarly to more than 100 financial institutions globally that started working with Ripple, with an app for international payments which resulted to complete transfers in less than 24-hours.

News and developments related to Ripple are surfacing on a daily basis. XRP transaction speed of processing has surpassed Visa transaction speed at a stunning double the rate, processing 50,000 transactions/sec while VISA reaches to 24,000 transactions/sec, according to the official websites of the companies.

Later in 2018, Ripple is attracting the attention of the Chinese market as it looks at expanding its services within the Asia Pacific region.

China’s regulators, payment providers, and banks are examining Ripple’s xCurrent payment settlement solution as such to their attempt to improve cross-border settlements with end-to-end tracking.