Ripple (XRP) Partnering with Spain’s Largest Bank
Despite the intense market correction that has taken a strong grip on the cryptocurrency market as of late, Ripple continues her wave of good PR with news of working with one of the largest banks in Europe. Banco Santander, trading as ADR on the NYSE, announced that they will be partnering with XRP’s technology in the lead up to releasing a mobile payment app. With international transactions taking a mere seconds to complete, both Ripple and the financial institution stand to gain significant value with this unique partnership. With the current model, SWIFT, monetary exchanges can take around three days for capital to be securely transferred. Coupled with the intense volatility of the market, one can clearly see why cryptocurrency technology would be far more superior than what many consumers are using now.
The four countries that will be involved in the immediate roll out of the distributed ledger are Spain, Brazil, the UK, and Poland. These intersectional economies will certainly flood the app due to the significantly quicker transaction speeds along with the security of doing so. Instead of going through multiple levels of government bureaucracy and legislative boards to ensure the appropriate exchanges take place, international businesses will be propelled into hyperdrive with the new wave of efficiency to hit their operations. The full transparency of fees will also help average consumers who use the app for smaller purchases knowing that the items they buy are not much more expensive due to the fees involved.
Similar to Apple Pay, the technology that Ripple possesses gives Santander a firm advantage with testing. With touch ID for securely transferring funds, the bank and its users are poised to have a far superior experience with their transactions than before. By passing security and regulatory compliances, the rigorous testing that the app has endured proves that the cryptocurrency is ready for primetime. Most telling is the quote from Ed Metzger, Head of Technology Innovation at Santander UK, for choosing Ripple due to her unique ability to fit every constraint that the antiquated system had previously. From being faster, more transparent, and with more certainty, international transactions have effectively been supplanted by Ripple’s technology.
