As Business Insider reports, the Banking group Santander joins forces with Ripple, to release an app to make international money transfers using platforms xCurrent and RippleNet.
Grupo Santander is the largest financial group in Spain. Besides Spain, Santander is one of the leading places in the UK and in several countries of Latin America, is also represented in the United States. The key structure of the group is Banco Santander.
CEO of Santander UK, Nathan Bostock, commented on this collaboration:
This spring, unless of course nobody will leave us behind, we will become the first major retail Bank to conduct massive international payments using blockchain technology.
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At the end of January this year Ana Botin, CEO of Santander, has mentioned about starting the application in the statement of profit and loss of the company in 2017, noting that it will work primarily in Spain, Brazil, the United Kingdom and Poland.
According to Business Insider, Santander invested in Ripple in 2015 and 2016. The two companies have tested the app for making international wire transfers in 2016. During testing, it was confirmed that by using Ripple to transfer money in less than a day. In addition to speed payment application also clearly and transparently inform customers of the cost of translation.
This year, Ripple has partnered with MoneyGram, and also with a consortium of 61 Japanese Bank which will create a system of international transfers between Japan and South Korea.