Santander – banking group is partnering up with San-Francisco based start-up Ripple [XRP] to launch its international money transferring application with the solutions that Ripple is providing via the blockchain-supported xCurrent and RippleNet.
The UK CEO of Santander – Nathan Bostock on March 23, during a conference held about the upcoming app backed up by block-tech in London added:
“This spring, if not [sic] one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with Blockchain technology.”
Back in the beginning of the year, when the firm’s CEO Ana Botin presented the 2017 earnings the app was highlighted out while mentioning that it will be available to Brazil, Poland, Spain and the UK.
The company did invest in Ripple [XRP] back in 2015 and 2016. Since then, Santander had been running test trials [similar to more than 100 financial institutions around the globe that started working with Ripple] with an app for international payments which turned out to complete transfers in less than 24-hours.
For some time now, news and developments that are related to Ripple [XRP] are taking place on a daily basis. XRP transaction speed of processing has surpassed Visa transaction speed at a stunning double the rate – processing 50,000 transactions/sec while VISA reaches to 24,000 transactions/sec.
The above mentioned VISA transaction rate can bee seen publicly as information that is put out on VISA;s website portal. Ripple’s [XRP] giant 50k per sec info is also available on the firm’s website
Ripple is turning its attention to the Chinese market as it looks at expanding its services within the Asia Pacific region later this year.
According to a report from Finance Magnates, China’s regulators, payment providers, and banks are looking at Ripple’s xCurrent payment settlement solution as they attempt to improve cross-border settlements with end-to-end tracking.