Santander’s latest app uses blockchain technology to allow people to transfer money internationally. The app, developed in partnership with Santander, is currently being trialled by the bank's staff who are able to transfer amounts between £10 and £10k. Payments made using the new technology will clear immediately meaning “pending transaction” delays will become a thing of the past. It also eliminates the need for intermediaries and for records to be reconciled, significantly reducing costs from the process.
Santander’s latest app uses blockchain technology to allow people to transfer money internationally. The app, developed in partnership with Ripple, is currently being trialled by the bank's staff who are able to transfer amounts between £10 and £10k. Payments made using the new technology will clear immediately meaning “pending transaction” delays will become a thing of the past. It also eliminates the need for intermediaries and for records to be reconciled, significantly reducing costs from the process.