Santander UK has developed a new payments app, in partnership with Ripple Labs, which uses blockchain/distributed ledger technology for international payments. The app is currently being trialled by Santander staff, but the bank has plans to roll it out before the end of 2016. Earthport’s Distributed Ledger Hub allows clients to execute transactions via the Ripple protocol and network, and Santander UK is a client of the group. We are not aware of any other approved distributed ledger solution for cross border payments and as such, believe that the Santander app utilises the Earthport platform to facilitate the payment. We see this as further validation of Earthport’s position in the cross-border payments ecosystem and technology leadership in the space.
