Banco Santander Forms Blockchain Team to Exploit Technological Advancements

Banco Santander Forms Blockchain-Oriented Team To Exploit Technological Advancements

In an attempt to optimally benefit from the advanced technology available in the fintech industry, Banco Santander recently established a digital investment unit. The new team will be under the leadership of John Whelan, the current director of the company’s blockchain research and development department. Besides digitalization, other key roles assigned to the team include the assessment of the applicability of tokenized securities in derivatives, debt capital markets and so on.

Banco Santander was amongst the first large-scale financial institutions in the world to embrace the concept of digital currencies and distributed ledger technology. Currently, the bank has an ongoing partnership with a leading crypto, Ripple. Regarding this collaboration, Santander leverages Ripple’s xCurrent infrastructure to facilitate most of their normal transactions. Previously, the bank’s executive chairperson has been quoted lauding the technology from Ripple as being safe, compliant and reliable.

Among the popular services offered by the Santander bank is OnePay FX, a platform that is availed to clients on a mobile application. Through this application, customers can access the net cost of a cross-border transaction before sending funds over the network. Furthermore, OnePay also generates a receipt once the transaction is completed. Notably, this payment platform is based on the xCurrent infrastructure, which is built on the Ripple blockchain.

At the beginning of 2018, Santander announced their intentions to integrate distributed ledger technology into their capital markets venture. The primary behind the introduction of blockchain is to revolutionize the management, issuance, trading, and settlement of securities. Of late, the bank has been delving deep into the blockchain sector, as the membership to the consortium confirms. Furthermore, the firm is a member of the Enterprise Ethereum Alliance, an association that offers consultancy and advisory services on the subject of Ethereum.

Concerning the inauguration of the new digital team, the senior executive VP of the bank, Jose Linares, acknowledged that the present digitization in the financial sector is at a record high and will continue grow even further. As a result, consumers expect this technology to improve market accessibility, lower charges and produce efficient solutions. Since Santander is committed to offering first-rate services to its customers, they are obliged to conform to these advancements.

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