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05-Feb-2018<br />

Santander and Ripple to launch blockchain-based consumer payments<br />

Banking Technology (Online)<br />

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Santander to launch DLT-based consumer payments<br />

Santander is planning to introduce blockchain-based mobile international payments for its<br />

retail clients in Q1 this year, according to the bank’s latest earnings presentation.<br />

The bank’s innovation is mobile payments in “three clicks and 40 seconds” for consumers,<br />

using distributed ledger technology (DLT) developed by Ripple .<br />

The offering is set to go live in four countries this quarter: Spain, Brazil, Poland and the UK,<br />

“with full transparency on fess and FX upfront”, Santander says.<br />

The potential is vast, the bank notes, with €10 billion ($12.5 million) target market for<br />

international retail payments.<br />

“We expect to be one of the first global banks to roll out DLT-based payments for<br />

individuals,” the bank states.<br />

Santander made an initial investment into the project in September 2015, and has been<br />

working on a number of blockchain-based payment initiatives with Ripple since then.

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