Santander is claiming a UK first by introducing blockchain technology for international payments with the launch of a new pilot app.

The app is currently being trialled by Santander staff, with the intention of rolling out the technology to a wider audience at a later date. The blockchain technology underpinning the app is provided by Ripple, a company which Santander Innoventures has already invested in.

Once users download the app, they need to complete their profile details and can then start to make payments. The app connects to Apple Pay, where users can confirm payments securely using Touch ID. Currently, transfers of between £10 and £10,000 can be made from GBP to EUR and USD. Payments made in euro can be sent to 21 countries, while US dollar payments can be sent to the USA only. Funds will appear in the recipients account the next working day.

Sigga Sigurdardottir, head of customer and innovation at Santander, said: “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. 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.”

Ripple’s CEO, Chris Larsen, added: “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. 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.”

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