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Santander Exec Mentions Ripple in that the Bank Focused on Innovation

 
Santander Exec Mentions Ripple in that the Bank Focused on Innovation
Breaking News / Ripple
  • Ana Botin, the Santander SA Chairman recently sat down in an interview with Bloomberg.
  • Botin took time to name drop Ripple.
  • “We’re 100% in favour of innovation”.

When will institutions adopt blockchain? What will its impact be? These are some of the questions that are asked on a daily basis in the crypto space.

But some have already have adopted the technology, making use of products from Ripple, the Ethereum blockchain, as well as other decentralised ledger solutions aimed to help their bottom line. One of these institutions is the Santander bank based in Spain that is the 16th largest bank in the world. 

One Pay

Ana Botin, the Santander SA Chairman recently sat down in an interview with Bloomberg in New York where she talked about her firm’s plans and current business model. Throughout the interview, Botin took time to name drop Ripple. This was in a specific context of the bank being an innovation-centric institution. When asked by the interviewer about how Santander has been working in the fintech space, the Santander executive said:

“We’re 100% in favor of innovation… We’ve partnered with Kabbage, Ripple, and many other American companies. What we’re doing is we want to take these companies and services when we don’t approve a loan, we can pass it on to Kabbage; Ripple is at the base of One Pay FX blockchain base [system.]”

For those that don’t know, in 2018, the Spanish bank launched a new service dubbed “‘Santander One Pay FX.” This is a global payments service that allows customers to “complete international transfers on the same day in many cases or by the next day.” It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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