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Publication Date<br />

05-Feb-2018<br />

Headline Santander, Ripple to roll out DLT-based payments in Q1 2018<br />

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Banco Santander , a large Spanish banking group, has teamed up with Ripple to debut<br />

distributed ledger technology (DLT) for international payments for its retail customers in Q1<br />

2018.<br />

The bank first revealed its plans to introduce blockchain technology for international<br />

payments in 2015, when it said that it will launch the new service in the form of an app.<br />

According to EconoTimes. Furthermore, the bank said at the time that the app was rolled<br />

out as a staff pilot.<br />

It has now revealed further details on the project in its 2017 Earnings Presentation in a slide<br />

titled “Same day mobile international payments in 3 clicks and 40 seconds using distributed<br />

ledger technology”, Ripple News reported. The app has been tested with Apple Pay and<br />

enables users to confirm payments between GBP 10 and GBP 10,000 securely using Touch<br />

ID.<br />

According to the slide, Banco Santander plans to roll out the service in four countries<br />

simultaneously – Spain, Brazil, England and Poland. It believes that the technology would<br />

bring full transparency on fees and FX upfront.

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