PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Ripple’s Path To Success: Santander Commits to Ripple for Cross-Border Payments at Scale

Tim Sloane by Tim Sloane
March 26, 2018
in Analysts Coverage
0
blockchain

blockchain

5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

This article confirming that Santander will launch cross boarder payments utilizing Ripple supports this statement Mercator made in 2016 “. . . Ripple appears well positioned to be one of the first blockchain-based companies to move from a limited pilot implementation to shipping a product once the steering group makes the final tweaks to the business model and technology.” Ripple has seen an increasing number of companies and institutions committing to its platform and now Santander:

“It now seems the first major bank to implement this technology is none other than Santander. The UK branch of this global bank will carry out cross-border payments at scale. A remarkable decision few people expected to hear at the International Fintech conference in London.

This international money transfer solution is big news for Ripple. The company has seen the great interest in its xRapid and XCurrent offerings. However, no company or bank has implemented this solution for real-world solutions as of yet. Outside of a few internal tests, no real progress has been madly in this regard. That makes the decision by Santander UK all the more important for the company.

Santander has Always been Confident

The relationship between Santander and Ripple dates back to 2015. At the time, the institution made its first investment in this distributed ledger outfit. One year later, they doubled down on that investment. It quickly became clear Santander had high expectations for Ripple. So far, it seems the company has been right all along. Only time will tell if this integration will be successful, though.

For now, the focus lies on Spain, Brazil, the UK, and Poland. This launch will occur at some point in the next three months. No further specifics have been announced just yet. We do know all transactions will be settled within 24 hours or less. It is a big step up from how cross-border transactions are handled as of right now.

More importantly, this new solution offers unprecedented transparency. Users can figure out the exact transaction cost beforehand, which is rather impressive. For now, we have to wait and see if this new solution will make use of XRP as well. There is no official indication that will effectively be the case, but the details are scarce. Assuming the project is successful, the appeal of Ripple will only continue to increase.”

This follows the announcement last year that American Express and Santander would utilize Ripple to move funds between the US and the UK.  In Mercator’s opinion the success of Ripple, and a general requirement for success of any blockchain implementation in a regulated market, was evident in 2016 when Ripple announced a steering group that consisted of Bank of America Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada would control the development and deployment of Ripple technology.

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Read the quoted story here

Tags: Cross-Border PaymentsRippleSantander
5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    digital payments

    Navigating the Future: Top Digital Payment Trends to Watch

    March 31, 2023
    scams

    As Scams Become Omnipresent, New Tools Can Help FIs Fight Back

    March 30, 2023
    item clearing

    As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

    March 29, 2023
    payments friction

    Too Much Payments Friction Can Lead to Customer Chafing

    March 28, 2023
    online fraud

    Understanding the Cost of Online Fraud and How to Prevent It

    March 27, 2023
    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result