Banco Santander, a Spanish Banking group based in Santander, Spain, one of the oldest ( founded in 1857) and the largest banks in the world announced that they will be launching a new mobile app which will be operated via Ripple’s distributed ledger technology.
The announcement revealed Santander will plan to roll it out around first quarter of 2018 in four countries which were not named.
AMBCrypto conducted interviewers with bankers and cryptocurrency investors in Spain to understand how this will affect and/or change the economic paradigms.
Nicolas Fernández, an investment banker from Madrid says,
“Ripple’s technology has been tested in the Asian markets before and there has been a good adoption of the technology from various banks there. It’s time for Spain to accept this new technology and banks are leading the way”
Alejandro López, a Bitcoin miner and a cryptocurrency investor from Barcelona says,
“Ripple goes against everything that the blockchain community stands for (decentralization) and still surprisingly Ripple’s XRP token and the technology has been the only thing that has had worldwide adoption. When you look at it from a futuristic perspective, blockchain will overpower all centralized power nodes which means there will be no place for Ripple”
Earlier in November 2017, the UK Branch of the Bank revealed the plans to use the Ripple’s technology for cross-border, business-to-business payments.
The app was tested with Apply Pay for payments of around £10 to £10,000 using Touch ID for secure sign-in. Chris Larsen, Chief Executive Officer at Ripple, says,
“Ripple is redefining the way that value moves around the world, and today we’re already enabling real-time, affordable, international settlement between banks who have adopted our solutions….. 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.”
John, a blockchain advisor says,
“Yeah, It seems far-fetched. Banks have to go through a lot of regulatory hurdles I don’t think they would be interested in waging a war with the government just to use XRP. Sounds like this bank is just doing a free test with Ripple to get some blockchain buzz.”
The Ripple technology essentially enables faster transaction of data and value. It has been on a path to glory from mid-December 2017 since the Japanese and South Koreans started to test Ripple technology at their end.
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RippleNet’s new software update offers ‘bunch of functionalities’ to partners, claims Ripple executive
Recently, RippleDrop released an extended video of its latest episode, with the main focus being on RippleNet’s software update, the global payment settlement network.
In the episode, Craig DeWitt, Director of Product Management, was asked how the software update on RippleNet improved customer service. To this, DeWitt stated that the software update offers a “bunch of functionalities” to partners. He added that with this update, customers will not only be able to do normal coding and exchange information with the actual settlement, but also create a new way for the end institution to provide full visibility on the payment. He said,
“So whether or not an individual’s picked up cash at a location or funds have actually reached the end beneficiary, those are now a part of the product.”
DeWitt also mentioned multi-hop, the new feature introduced to RippleNet towards the end of last year. The feature provides its members the ability to transact with banks and payment providers, without having a direct relationship. DeWitt stated,
“So, multi-hop allows our customers to make payments anywhere in the world even without a direct fiat relationship with that counterparty.”
When asked about how it benefits financial institutions, he said that instead of having “to part capital” and have “bespoke technical connection” all across the globe, users can send money anywhere using the same API and the single connection. He further stated that the latest software update would allow people to choose the cheapest and fastest way to transact either fiat or XRP, depending on the settlement mechanism they use.
Further, the executive also spoke about its advantages for financial institutions trying to connect to the network. He said,
“Beyond the new functionality that we released, we have a whole suite of tools and developer tool kits that help our partners to go live faster. And that means someone new to RippleNet can get going not in weeks but in days.”
Craig DeWitt added on Twitter,
“Inter-operability of multiple liquidity paths including fiat and #XRP is foundational to what we call the Internet of Value. Great tech and streamlined RippleNet on-boarding doesn’t hurt either!”
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