The new app of the Spanish retail banking firm will be developed based on the blockchain-based technologies of Ripple.
Fintech startup Ripple is on course to help banking group Santander introduce a new international money transfer app for its customers.
Santander’s UK CEO, Nathan Bostock, announced the partnership during the international Fintech conference held in London last week. Bostock claimed Santander will be the first large retail bank to implement cross-border payments, based on blockchain technology.
The banking group has already had an internal trial of an international payments app, based on Ripple technology in 2016 with its staff members. Following the successful trials, the partnership has been formed to roll-out the technology to customers around the world.
The aim of the app will be to quicken the time frame of international payment transfers, to just 24 hours, in comparison to traditional transfer systems which can take days to complete. The app will also let customers find out straight away how much the cost of the transfer will be, prior to carrying it out.
According to Ripple, its xCurrent blockchain-based product helps banks to settle cross-border payments instantly while also giving them an end-to-end tracking feature.
Through xCurrent, banks can message among themselves instantly to confirm payment details before initiating the transaction and to confirm funds transfer once the intended money settles in the desired account.
xCurrent also comes with a Rulebook feature to ensure operational consistency and legal clarity for every transaction, wrote Ripple on its website. The Rulebook was developed by the fintech company in partnership with the RippleNet Advisory Board.
Santander is already an existing investor in Ripple, which was founded in 2012. The retail bank had made investments in the fintech startup in 2015 and 2016.
Although the specific launch date of the app is yet to be confirmed, Santander’s CEO Ana Botin has said the app will be made available to customers across Spain, Brazil, Poland and the UK in the coming months.