Santander implements Blockchain for your transactions

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Santander Bank has launched its goal of becoming the first bank in the UK to use blockchain, the technology behind Bitcoin digital currency, to allow customers to make faster and cheaper international payments.

The blockchain experiment was driven by the investment of the bank in Ripple, a startup based in Silicon Valley working on how digital technology ledger blockchain can be used in finance, through its Santander Innoventures VC fund.

By using blockchain – technology database that allows a book secure accounting, widely held of transactions remained – Santander plans to offer money transfers the next day and ensure that client funds arrive in your whole. Payments of between £ 10 and £ 10,000 can be sent at any time of the day, in euros or dollars in 21 different countries.

At the moment, money transfers abroad tend to take several days, and customers cannot be sure how much money will come to an account abroad, and where different rates are taken on the road in an opaque process.

Sigga Sigurdardottir, Chief Customer and innovation in the Santander said:

“The need for funding has gone from providing a physical pound in your pocket or card in your wallet, where you pay at a cash register, to integrate seamlessly into a new lifestyle, always on, connected”.

“At Santander we work hard to ensure our bench. It’s simple, personal and just and create new technologies Blockchain will play a transformative role in how to achieve our goals and better serve our customers, adding value by creating more choice and convenience .”

The Blockchain technology, which has been used to support virtual currency transfers, may allow the transfer of data more quickly and accurately. All transactions are recorded in a unique way, helping to improve protection against fraud.

Chris Larsen, executive director of Ripple, said:

“Ripple is redefining the way money moves around the world, and today we are allowing, in real time, an international structure between banks that have adopted the solutions we offer.

As a pioneer in the banking industry, Santander is the first bank in the world that allows international transfers with this system. So they are creating a new and exemplary standard of service.”288

In line with all new technologies launched by Santander, safety is paramount. Security and compliance is critical to any activity undertaken in Santander and this application has been subjected to the same rigorous testing, all new technologies pass in front of deployment.

Source: The Blockchain

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.

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