Santander, the world’s 9th largest financial institution, will launch an international payment platform on the Ripple blockchain, according to Business Insider.
Santander UK’s CEO, Nathan Bostock said at the International Fintech Conference in London:
“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
Santander had already invested in Ripple a first time in 2015, and a second in 2016. Also, it trialed a payment processing app powered by Ripple with its employees during 2016.
According to Business Insider, Santander says its app will allow international money transfers and remittances to be performed in under 24 hours. Actual procedures make international transfers a fastidious and time-consuming process, sometimes taking up to weeks for money to make it to its destination.
The app will also tell the sender how much the transaction fees will be upfront. As of now, since multiple institutions are involved in the cross-border transactions, it is often impossible to know what the total fees will be before it gets to the receiver.
According to Business Insider, “consumer app in partnership with Ripple is set to be launched to customers in Spain, Brazil, UK, and Poland.”