PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
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

By Tim Sloane
March 26, 2018
in Analysts Coverage
0
5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
blockchain

blockchain

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

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

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    amazon return fraud

    Amazon Takes on Returns Fraud

    July 25, 2025
    biometric merchant

    Biometric Payments Pilots Are Picking Up, But U.S. Adoption Is Years Away

    July 24, 2025
    ai credit card

    Smart Cards: How AI Is Changing the Credit Industry

    July 23, 2025
    accounts payable

    A Fragmented Accounts Payable Process Is a Liability in More Ways Than One

    July 22, 2025
    PayDay Lending: Out on the Fringes and Still an Ugly Business, payday lenders, Payday lending rule, national debt, changing relationship with money

    Legislation Requiring Cash Acceptance Faces an Uphill Battle

    July 21, 2025
    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result