Santander announced that they are ready to launch an international money transfer app that will be powered by Ripple, one of the most important cryptocurrencies in the market. Apparently, the bank is developing the app that will be ready in the next few months.
Santander and Ripple Powered Money Transfer App
Santander is not the first time that is working side by side with Ripple. In the past, the company invested in Ripple and started to use the cryptocurrency for cross border payments. Now, Ripple has been chosen again to be part of the developing team behind this new application.
Apparently, and according to Santander Bank’s CEO, the application should be ready before June the 21st if no other bank launches it first.
Nathan Bostock, Santander Bank CEO, said:
“This spring, if no on beat us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
Ana Botin, a high staff representative at Santander, explained that the application would go live in different countries including Spain, Brazil, UK and Poland.
The application would allow transfers to be settled in just 24 hours, compared to the slow transfer times that cross border payment providers offer right now. At the same time, the application will let the users know how much fees they will pay for transferring the money. With Ripple’s technology, fees will be reduced compared to traditional international transfer systems.
At the moment, Ripple is the third most important cryptocurrency in the market. Every Ripple coin is worth $0.63 dollars and it has a market capitalization of $24.72 billion dollars. There are only two cryptocurrencies that perform better than Ripple: Ethereum and Bitcoin.
Ripple is working in order to provide products to financial institutions that move money from one place to the other. Ripple products provide fast and low cost transfers using blockchain technology. MoneyGram and Western Union are also using xRapid, one of Ripple’s most famous products. Furthermore, the UAE Exchange is using the international transfer platform, xCurrent.
Images PYMNTS and BankingTech