Santander to utilize Ripple for cross-border transactions

European banking giant Santander has plans to use Ripple's xCurrent platform to power their international transaction
26 March 2018   615

Several banks across the globe are trying out the Ripple to power their transactions. And now Santander joins them.

Earlier this year Santander CEO Nathan Bostock confirmed that the company was testing Ripple's core platform to reduce transaction times, and now the plans expand to full utilization of RippleNet and xCurrent to speed up international payments.

The newest service has been in testing for over eighteen month, according to the employees. And now, the new app will allow for the cross-border payments to be settled in less than twenty-four hours and all the parties involved will be able to see the processing fees right from the beginning.

The primary focus on the app's launch will be the bank's clients in Europe and Southern America, with particular attention on Spain, Brazil and the United Kingdom. Also, together with the app the new wallet, personal finance manager and interactive help-desk will be debuted.

The launch is planned somewhere in the first half of the year, according to the Ripple executive Brad Garlinghouse.

Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   186

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.
 

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.