Banco Santander to Launch Ripple-based App

New app from the largest bank in Spain will support "3 click payments" and will use Ripple's xCurrent technology
05 February 2018   715

The largest financial and credit group in Spain Banco Santander announced the launch of a mobile payment application based on the technology developed by Ripple called xCurrent. This is reported by Finextra.

The testing of the new application was conducted by employees of the financial institution for 18 months. It is integrated into Apple Pay's mobile payment system, allowing transactions ranging in size from £ 10 to £ 10,000 ($ 14-14,000), and in which Touch ID authentication technology is provided.

As indicated in the presentation, a new payment solution will appear in the first quarter of 2018 and will be available to residents of Spain, Brazil, Britain and Poland.

According to the developers, to make payment, the user will need "40 seconds and three clicks". Also, the app will include a digital wallet, an assistant to make transfers between users and provides the ability to manage personal finances.

We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals.

Banco Santander Representative

Head of Ripple Brad Garlinghouse on his Twitter confirmed information that the new mobile application will be launched in the coming months.

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   129

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.