IBOS member Santander has become the first UK bank to introduce Blockchain technology which facilitates international payments, through the launch of a new app. It 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 make payments. It connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000 and payments can be made from GBP to EUR and USD. Currently, payments made in EUR can be sent to 21 countries and US Dollar payments to the USA only.
The Blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has also invested in.
Sigga Sigurdardottir, Head of Customer and Innovation at Santander commented:
“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.
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.”
Find out more about the app and its use of blockchain here.