Source: Crypto Slate
Santander Launches Ripple-Based Money Transfer App
Following months of intense speculation and doubt, Santander has finally come forth and released its official Ripple-based warm-wallet, Exarpy, for public consumption.
In a tweet posted via Exarpy’s official Twitter handle, Ana Botin, Executive Chairman of Banco Santander, Europe’s largest bank by market capitalization revealed that their two-year long sojourn with Ripple’s innovative cross-border payment services have finally borne fruit.
"We collaborated with @Ripple , we've been testing for two years…. it works, it's safe, it's fully compliant." – @AnaBotin of @bancosantander for @FT https://t.co/HDYg0tRcRk pic.twitter.com/1c9MqcU169
— Exarpy (@exarpycom) April 22, 2018
Earlier this year, CryptoSlate had reported on trial programs initiated by Santander to facilitate monetary transactions within various European and South-American countries where the banking powerhouse possesses a good market presence.
Similarly, in January, the company’s UK head, Nathan Bostock, had confirmed that Santander had been testing Ripple’s popular xCurrent and RippleNet platforms for streamlining international payments.
Bostock had mentioned during a press conference:
“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
True to his word, with this latest move, Santander has become the first international bank to launch a cross-border payment system that is based exclusively on the blockchain.
Exarpy will initially be offered only to customers living in Spain, the UK, Brazil, and Poland but as time progresses, the banking outfit plans to swiftly enter various other economically viable domains— after initial App glitches and performance issues are ironed out.
What is Exarpy’s USP?
First and foremost, Exarpy comes in the form of a web-based desktop wallet which can also be accessed via a customers mobile internet browser.
The wallet is secure and does not hold our funds physically but rather serves as an intermediary link that allows an individual to transact directly on the Ripple network.
Nice! Retail customers of @santanderuk can now use a #blockchain – based mobile app for global payments using xCurrent by #Ripple . The bank w/133M customers worldwide will eventually support more countries and instant payments. https://t.co/m3QHWaao1k pic.twitter.com/buhfj68tmg
— Exarpy (@exarpycom) April 16, 2018
Other important facets of this service include:
- The wallet charges a flat fee of 0.025XRP per transaction. Apart from this surcharge, there are no other hidden costs that one has to bear.
- To make the product accessible to an older customer base, Exarpy makes use of a traditional PIN code-based security model. This code is linked discreetly to a user’s financial account.
With Exarpy’s launch, Santander has blown-open the gates for private banks to enter the crypto-payment sector. Recently, BBVA CEO, Carlos Torres Vila, had also mentioned that his company was testing blockchain platforms for facilitating cross-border payments.
Such announcements offer great hope and promise to casual crypto enthusiasts and will only encourage more people to utilize alt-currencies across the globe.
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