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Santander Launched UK’s First Int'l Payment Service Powered by Blockchain

Santander has unveiled what it claims to be the UK's first international money transfer service powered by distributed ledger technology and can transfer live international payments between £10 and £10,000 24 hours a day. The implementation is currently being rolled out as a staff pilot, though the team have not announced when it will be available for customers to use. Blockchain technologies are beginning to gain more traction in the cloud world, as it can enable faster and more accurate transfer of data and value. In the new international payments system, users will be able to transfer sums up to £10,000, or the equivalent in Euros and Dollars, to 21 countries via the app, which connects to Apple Pay and is verified by Touch ID. The underlying blockchain technology is provided by Ripple, a startup with offices in San Francisco, New York and Sydney that is part-funded by Santander.

The bank has stated previously that blockchain has the potential to save up to US$ 20 billion per year in transfer costs by simplifying the IT infrastructure and cutting out middlemen. Santander also believes that distributed ledgers like blockchain can increase investor confidence in products whose underlying assets are dense (such as securitizations) or where property rights are made uncertain by the role of central authorities.

News Characteristics

Date : May 27, 2016
Region : Europe
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation