The Spanish banking giant Santander has finally come to a decision regarding its connections to Ripple. The news say that the bank will roll out a personal bankings app for all of its retail customers that will be powered by Ripple’s blockchain in the first quarter of 2018.
This is probably among the earliest major retail use cases of the Ripple blockchain technology in the banking/financial sector. Santander is here set to launch a personal payments application for international payments – meant to ease the transactions for its users.
The app is even believed to enable international payments in “3 clicks and 40 seconds” for all of the retail bank customers – again – all thanks to Ripple. There is even a presentation in PDF that was released last week and one that shows the new announcement in detail.
As the bank said, ““We expect to be one of the first global banks to roll out Distributed Ledger Technology based payments for individuals,” pointing to the transparency in terms of bank fees and foreign exchange rates.
The new app will be available in Santander’s domestic country Spain, as well as Brazil, the United Kingdom and Poland. After an internal use of 18 months, the app is finally being brought to life and the Ripple CEO Brad Garlingihouse confirmed the news on his social media profile too.
This is one of the first adoptions of the blockchain technology in a major industry like the banking one. Let’s hope that many other industries are in the queue!
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