Santander: Banks Can Save $20B Using Blockchain Technology
According to a report released by Santander, using blockchain technology could allow banks to save as much as $20 billion. The research is called "The Fintech Paper 2.0" and was created in collaboration with fintech venture fund Anthemis and research firm Oliver Wyman. "It is only a matter of time before distributed ledgers become a trusted alternative for managing large volumes of data," the paper indicated. It revolves mostly on how emerging fintech technologies, including the decentralized ledger behind digital currencies, could affect banks. Blockchain Technology in Banks. Blockhain....
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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....
Blockchain technologies could reduce banks' infrastructural costs by $15-20bn a year by 2022, a new report from Santander InnoVentures claims. The FinTech 2.0 Paper, produced in collaboration with Oliver Wyman and Anthemis Group, says distributed ledger technology could save banks money by eliminating central authorities and bypassing slow, expensive payment networks. Beyond payments, its authors identify other areas of potential for distributed ledgers, noting: "In time, distributed ledgers will support 'smart contracts' - computer protocols that verify or enforce contracts. This will....
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....
In its recently released research paper, European bank Santander claimed to have listed 20 to 25 potential uses of bitcoin. These span various areas such as international money transfers, trade finance, syndicated lending and collateral management as some of the areas where blockchain technology could be applied. In fact, the institution has claimed that banks could save as much as $20 billion with these uses of bitcoin in their regular operations. Other banks have also been looking into the technology, with some Australian financial institutions already integrating bitcoin applications in....
Two researchers from Spanish financial group Banco Santander S.A. have released a report concerning the benefits of Bitcoin versus credit cards and traditional bank services. The 10-page paper details the increasing risk for traditional financial management as cryptocurrency solutions become more popular. Banco Santander & the Mercado Bitcoin....