Santander UK to Launch Ripple-Powered Payments App in 2016
The UK arm of Spanish banking group Santander has developed a new payments app in partnership with distributed ledger startup Ripple. The app, announced today, is currently available to Santander UK staff, but the bank has plans to roll it out before the end of 2016, a move that would make it the first major bank in the country to offer payment services via blockchain to its clients. The project is a product of the continued relationship between the bank and Ripple, an association that began in earnest when Santander InnoVentures, its venture capital arm, invested $4m as part of Ripple’s....
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Santander has begun using an app for international payments using Ripple Labs’ blockchain technology, according to Ripple on its Ripple Insights website. The pilot app makes Santander the first U.K. bank to use Ripple technology for cross-border payments. Santander is introducing the app as a staff pilot, with the intention to expand the technology. Once the app is downloaded, Santander staff just have to complete profile details to start to make payments. The app connects to Apple Pay, where users can securely confirm payments using Touch ID. It allows users transfer between £10 and....
According to a report from IBTimes the UK division of Santander is using Ripple blockchain technology for international money transfers. Santander employees have tested the new application that connects the Ripple network to Apple Pay by sending transmissions of £10 and £10,000. Santander Bridges Ripple with Apple Pay. The new application that uses....
Ripple has received an estimated $4m in funding from Santander InnoVentures, bringing its Series A total to $32m. The Spanish banking group's FinTech fund joins a combination of new and existing investors, including VC funds of US futures and options exchange CME Group and data storage firm Seagate Technology. Ripple, now being tested by a number of banks, has bought in $41m to date. Speaking about the additional investment, CEO and co-founder Chris Larsen said in a statement: "Santander InnoVentures is a natural fit in this round because of their demonstrated support for real-time....
Banco Santander UK has made available to its staff a mobile application which uses Blockchain to transfer money. In the battle among bankers to implement blockchain solutions to cut costs, has Banco Santander taken the lead? Ed Metzger, head of innovation technology and operations at Santander U.K., says to Bloomberg: “It’s the first time a U.K. bank has sent payments of this type via Ripple and launched it as a commercial service. Many people are doing lab style experiments, the key difference here is about getting real people to send real money for real purposes. I just paid my wife, who....
With the launch of the “Global Payments Steering Group”, blockchain startup Ripple has revealed details of a new interbank group that will create the first “rules-based blockchain payments network” for global money transfers. In an announcement today, blockchain and Fintech startup Ripple has revealed that banks are getting closer toward uniform policies and governance for the transfer of money over blockchain. The Global Payments Steering Group (GPSG) sees six founding members and will be the first interbank group for global payments based on blockchain technology. Its founding numbers....