After several months of speculation, Santander has finally released its Ripple-based warm wallet called Exarpy for public consumption in selected countries.
Announcing the news on Exarpy’s official twitter account, Ana Botin, Chairman of Banco Santander said that finally the two year long relationship between Ripple and Santander has borne fruit. She said that they have been testing Ripple’s cross-border payment services for two years and “it’s safe” and “it’s fully compliant”.
“We collaborated with @Ripple , we’ve been testing for two years…. it works, it’s safe, it’s fully compliant.” – @AnaBotin of @bancosantander for @FT https://t.co/HDYg0tRcRk pic.twitter.com/1c9MqcU169
— Exarpy (@exarpycom) 22 April 2018
Earlier this year, media reports revealed trial programs lead by Santander in various European and South American countries that facilitated monetary transactions.
In January, Nathan Bostock, Santander’s UK head said that the company was using Ripple’s xCurrent payment product and the RippleNet network to power international payments.
In a press conference earlier, Bostock had stated:
“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
The company truly kept its promise as with the launch of Exarpy, Santander has become the first ever international bank to launch a blockchain-powered cross-border payment system.
Exarpy will be initially available to customers living in UK, Spain, Brazil and Poland however once the system is settled and its performance is well managed, the app will be offered in other economically viable domains as well.
What is the use of Exarpy?
Exarpy is a web-based desktop wallet that can also be accessed by users via mobile internet browser.
The wallet will not hold funds physically but will act as a link between the bank and the Ripple network. Users can directly transact on the Ripple network via Exarpy.
A flat fee of 0.025 XRP will be charged on each transaction and other than that there will be no additional costs.
To make the app convenient for older customer base, Exarpy uses the PIN code-based security system where the code is linked to the users’ financial account.
With the launch of this product, Santander has illuminated a way for private banks to embrace the blockchain-based payment sector as well and efficiently power transactions at much lower costs and much higher speed.
Just recently, BBVA CEO, Carlos Torres also mentioned that his company was conducting trials for blockchain-based payment services.