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Santander Uses Ripple, Launches First Banking Blockchain Retail Payments App


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Spanish banking giant Banco Santander has announced the launch of its international payments app for retail customers in four countries using xCurrent, Ripple’s blockchain technology.

Santander is laying claim as the “first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously” with the launch of One Pay FX, in a statement today. The launch of the smartphone app will initially be available to retail customers in Spain, the United Kingdom, Brazil and Poland before a wider release to more countries in the coming months.

“From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK,” Banco Santander’s executive chairman Ana Botin said in a statement.

Notably, customers will be offered different payment options depending on their recipients’ destination. Santander users in Spain will be able to send pounds to the UK whereas customers in Brazil and Poland can send sterling pounds the UK, the bank explained.

Santander is using Ripple’s xCurrent, an enterprise blockchain software developed by the San Francisco-based FinTech giant to power end-to-end tracking of payments and instant settlements around the world. The platform, notably, does not use Ripple’s native cryptocurrency XRP to power the blockchain.

As reported previously, Santander has said that the app will enable international payments with merely “3 clicks and 40 seconds”, a claim that is yet to be independently verified with a real-world transfer at press time.

“Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer,” Botin elaborated, adding:

Our goal is to help the thousands of people who use international payments services every day, and we will be adding more currencies and destinations in the coming months.

While Santander proactively becomes the first European bank to use blockchain technology to power a core banking process, a consortium of over 61 Japanese banks – collectively responsible 80% of the country’s banking assets – is also working toward the launch of a similar retail consumer payments app using Ripple’s technology.

Featured image from Shutterstock.

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Ripple Price Analysis: XRP Could Retest Lows Before Higher

Key Highlights Ripple price recovered recently, but it faced sellers near $0.2900-0.2910 against the US dollar. There is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may perhaps decline further to revisit the $0.2800 support area in the near term. Ripple price is facing uphill task against the US Dollar and Bitcoin. XRP/USD is under pressure and it may decline further towards $0.2800 before a fresh upward move. Ripple Price Analysis After trading as low as $0.2776, ripple price started an upward move against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2850 resistance levels. It also broke the 23.6% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. However, the upside move was capped by the $0.2900-0.2910 zone, which was a support earlier. Besides, there was no test of the 50% Fib retracement level of the last slide from the $0.3090 high to $0.2776 low. More importantly, there is a major bearish trend line formed with resistance at $0.2860 on the hourly chart of the XRP/USD pair. Therefore, the price must break the $0.2860 resistance and the $0.2900 barrier to move into a positive zone. The next resistance above $0.2900 is positioned near the $0.3000 level. On the downside, an initial support is at $0.2800, below which the price may revisit the $0.2770 swing low. If there is no break below $0.2770, the price is likely to bounce back. Looking at the chart, ripple price is facing a solid resistance near $0.2900 and it is well below the 100 hourly SMA. Thus, it won’t be easy for buyers to gain bullish momentum above $0.2900 in the near term. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level. Major Support Level – $0.2800 Major Resistance Level – $0.2900 The post Ripple Price Analysis: XRP Could Retest Lows Before Higher appeared first on NewsBTC.

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