In the battle among banks to make use of blockchain, Banco Santander SA’s U.K. unit said it’s first among British lenders to use the technology for global payments.
The Spanish lender’s London-based operation introduced a mobile application for staff that uses blockchain to enable transfers of between 10 pounds ($14.70) and 10,000 pounds, the firm said in a statement on Thursday. As many as 6,000 employees in a pilot program can access the tool, which uses infrastructure provided by Ripple, a fintech company backed by the bank’s venture-capital fund.
