International Megabank Santander Commissions Study on Bitcoin
Global banking giant Santander has commissioned a study investigating the potential impact of bitcoin and other cryptocurrencies on the banking sector. As the 43rd largest company in the world, the multinational megabank has branches on five continents and upwards of 180,000 employees. Santander's study, titled Bitcoin's Impact on Banks, is being run by insight network Yegii, which is now recruiting experts in the field. The project's budget is $5,000 and the stage one deadline is 27th August 2014. The report is due to be finalised in late September. In a company post, Yegii outlined the....
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One of the largest European banks in operation today is looking to get the skinny on bitcoin and digital currencies, it would seem. Europe's Santander Bank has reportedly commissioned a study on the impact of bitcoin and other cryptocurrencies on the traditional banking system, according to a report first published on HashReport. The study is taking place on the Yegii - a platform founded by MIT professor Trond Undheim. The idea is to get a group of industry experts, enthusiasts, and even skeptics together to "[a]nalyze the impact of bitcoin and other cryptocurrencies on banks and devise a....
Spanish megabank Santander has been experimenting with blockchain technology. Its head of research and development will discuss applications of the technology at Consensus 2015. Twenty billion dollars a year - that's how much banks could save on cross-border payments, compliance and securities trading if they used blockchain tech to move money and assets around the world, according to a report co-written by Spanish megabank Santander published last month. Julio Faura is one of the Santander executives playing a crucial role in making that massive cost-saving a reality. He commissioned a....
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....
Santander U.K. has announced its introduction of blockchain technology for international payments through a new app that is currently being rolled out as a staff pilot. The bank plans to make the application, which is only available on Apple’s iOS, available to consumers after it completes the pilot program. The announcement makes Santander the first bank in the U.K. to use blockchain for international payments. The new Santander app connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000, and payments can be made from....
Santander InnoVentures has announced the launch of a global blockchain competition which seeks to support early stage startups using distributed ledger technology. The Spanish megabank's $100m venture capital firm - which recently participated in Ripple's $32m funding round - is offering the winner a $15,000 cash prize as well as access to its technology and business experts. Mariano Belinky, managing partner of Santander InnoVentures, said in a statement: "Distributed ledger technologies will create huge value for customers, banks and entrepreneurs who create new businesses around it. The....