New blockchain-powered app will mean an end to lengthy waiting period to clear international payments
One of the UK’s biggest banks has announced it will soon be implementing blockchain technology in what is another significant show of support for the service.
Santander will soon be using blockchain to allow its customers to transfer money overseas, without needing to wait several days for their payments to be cleared.
Using blockchain technology developed by Ripple, Santander customers will be able to transfer between £10 and £10,000 using the app, with payments able to be made from British to US and European currencies.
The Santander app connects to Apple Pay, meaning users can confirm payments securely using Touch ID. It currently being rolled out as a staff pilot, with the intention to expand the technology at a later date.
“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,” said Sigga Sigurdardottir, head of customer and innovation at Santander.
“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.”
Support for blockchain technology has been growing quickly across the UK in recent years, as an increasing number of businesses look to harness its potential to provide smoother and more secure online transactions.
Last month, the technology received a major show of support from the UK Government after Cabinet Office Minister Matthew Hancock confirmed it was looking in to how the technology could be used to manage and keep track of the distribution of public money, such as grants and student loans.
This is despite the Bank of England raising its suspicions about Bitcoin last year, warning that the digital currency could pose a threat to financial stability in the UK should it see widespread adoption.
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