With a higher transaction speed than VISA’s, Ripple’s transaction speed is among the key factor pulling more financial institutions to its chain. The largest retail bank in the UK, Santander, is the recent financial institution to pledge allegiance to Ripple’s blockchain. Through its UK CEO, Nathan, Santander has made it clear that within the coming months they will be using Ripple’s xCurrent package for their international money transfer app.
Speaking this week in London during the International fintech conference, Nathan said, “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.”
Their partnership with Ripple dates back to 2015 when Santander was part of the $55 million raised by Ripple during what ripple termed as series B, a major cash input round by institutions. Santander is a wholly owned subsidiary of Banco Santander which is a major global banking group. Santander UK was formerly known as Sovereign Bank.
The prospects of launching an international money transfer app using Ripple’s blockchain was hinted by Ana Botin, Santander CEO, in January this year during the 2017’s result presentation of the banking group. According to the presentation, the app is expected to be rolled out in Poland, Spain, Brazil, and the UK in 2018.
Ripple, a financial transaction company with its headquarters in San Francisco, is committed to incorporating the blockchain technology and cryptocurrency (XRP coin), in the global financial circles especially internal payments and cross-border money remittance. With major financial institutions like Santander, StandardChartered, MoneyGram etc. Already using Ripple’s blockchain technology, it’s evident Ripple is on the right track in achieving its goals.
With the new int’l money transfer app from Santander, transactions will be completed within 24 hours.
With a speed of 50,000 transactions per second, is Ripple’s blockchain the solution to the current delay times when sending money internationally which sometimes takes more than three days?
Let us know in the comments section below.