Santander, the Spanish banking group of U.K. has announced to launch a new payment app in partnership with distributed ledger Ripple before the end of 2016.
This move by the bank would make it the first bank in the U.K. to offer payment services via blockchain to its clients. Currently, the app will be available to Santander U.K. staff and Sigga Sigurdardottir, Santander head of customer and innovation has positioned the app in such a way that it provides more digital services to its customers’ base.
Talking about the application, Sigurdardottir said in a statement that, “The need for finance has evolved from providing a physical pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle.”
With this application, users can send between £10 and £10,000 (roughly $15 to $15,000), enabling transfers into Euros and dollars. The app presently allows transfers between Santander locations in 21 European countries as well as the US. As an interface, the app uses Apple Pay mobile payments app.
Talking about the future move, Ripple global head of strategic accounts Marcus Treacher said that, “In time, we want to be put in a position with our partner banks for end-to-end, person-to-person. There’s more to come.”
Founded in 2010, Satander U.K. is one of the U.K.’s leading personal financial services companies and one of the largest providers of mortgages and savings in the country. Santander and Ripple have been in an associated relationship since last year when Santander InnoVentures, its venture capital arm, invested $4m as part of Ripple’s $32m Series. The launch of this application is a product of the ties between both the companies.
