Santander – transaction in seconds
The Santander app is currently being rolled out as a staff pilot, with the intention to expand the technology at a later date. Once the app is downloaded, users need to complete their profile details and can then start to make payments. From the get go, the user interface is simple with the app letting the user pick between US Dollars and Euros as the form of currency to perform the transaction in. After inputting the recipient’s details, the user now uses Apple Pay to make a selection on which credit card to use to complete the transaction. Once the selection is made and the user presses ‘pay’ it takes a few short seconds to complete the transaction from the U.K to the United States as demonstrated.
The Ripple team has a video demo available here.
Sigga Sigurdardottir, Head of Customer and Innovation at Santander said: “At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.”
The Blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has also invested in. Working with Ripple builds on Santander’s philosophy of collaborating with the most innovative companies to consistently provide better services to customers.
Chris Larsen, Chief Executive Officer at Ripple said: “Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable international settlement between banks who have adopted our solutions. As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service.”
The tide will turn for blockchain technology -and possible the whole crypto market- when the users embrace the use cases of Ripple and other cryptocurrencies that solve real life problems.
Image Source: Ripple