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   1617

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.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   565

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.