Santander embraces blockchain technology to speed up international payments

Santander has become the latest UK bank to embrace blockchain technology as it seeks to reduce the time needed to process cash international payments by days.

A trial iPhone app has been in use by staff to demonstrate the technology following Santander’s investment in Ripple, which specialises in applying the digital ledger technology for finance.

Sigga Sigurdardottir, Santander’s head of customer and innovation, commented: “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.”

Elsewhere Barclays has been experimenting with the technology for carrying out derivatives trading.

Join us, it's free.

Become a member to get access to:

  • Exclusive Content
  • Daily and specialised newsletters
  • Research and analysis

Join us, it’s free.

Want to read this article and others just like it? All you need to do is become a member of The Drum. Basic membership is quick, free and you will be able to receive daily news updates.