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Santander Starts Using Blockchain Technology

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February 5, 2018 | 

Joanna Newman |  0 Comments| 

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Yesterday, Santander announced on their website that they are going to begin using Blockchain technology for international transfer.

For Brad Garlinghouse, Managing Director at Ripple, Santander’s adoption of Blockchain represents a new standard of service in the world of finance. Garlinghouse announced on Twitter that Santander’s partner cryptocurrency will be the Ripple.

The Blockchain is a well-known network that is used to exchange virtual currencies. It is a safe, secure and fast method of payment and has already attracted the attention of several large businesses from all around the world. Many of which, are already experimenting with crypto-finance within their countries, namely, ICIC Bank in India and Crédit Agricole in France.


Faster Than a Speeding Bullet


Sigga Sigurdardottir, head of customer service for Santander, says that "The financial needs have greatly evolved. It is no longer a question of having a physical coin in your pocket or a card in your wallet to purchase goods and services.”

Being able to “Make an international payment in just seconds by a few simple clicks using distributed technology” is the dream that Santander has in mind for its partnership with Ripple. Together, the duo has announced the experimental launch of an app associated with Apple Pay in 4 different countries, Spain, Brazil, Poland and the UK. The new service will cover any transaction between £10 and £10,000.

Beyond these four test countries, users will also be able to make payment to 23 European counties and the US. From the app, users will also have a portfolio, a personal account manager and a customer support service for peer-to-peer transactions.



It is mostly the integration of Ripple's new Xcurrent protocol, which is also being tested by Crédit Agricole in France, that will make transactions at lightning speed.

For Sigurdardottir, she believes that the Blockchain will be of great help in providing customers with simple, safe and fast transactions.

Moreover, last November, Santander also spoke of a possible collaboration with American Express on the use of Ripple technology to make transfer between the two.

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