The implementation is currently being rolled out as a staff pilot, though the team have not announced when it will be available for customers to use. Blockchain technologies are beginning to gain more traction in the cloud world, as it can enable faster and more accurate transfer of data and value.
“The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle,” said Sigga Sigurdardottir, Head of Customer and Innovation at Santander.
“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.”
The new app connects to Apple Pay, where users can confirm payments using Touch ID. The Blockchain technology underpinning the app is provided by Ripple, which has been the recipient of investment through Santander Innoventures, the company’s global corporate venture capital fund, focused on early stage FinTech investments.
“As an early adopter and pioneer in the banking industry, Santander is the first bank in the world to transfer real funds externally. In doing so, they are creating a new, exemplary standard of service,” said Chris Larsen, CEO at Ripple.