Santander bank prepares to utilize blockchain technology to establish “Digital Investment Banking Unit”. The view is to implement the distributed ledger technology (DLT) into the financial sector for effective banking services to customers. The unit is led by John Whelan who currently serves as the bank director & member of the banks blockchain related projects.
This was made known by the Bank Senior Executive Vice President and Globa Head.
During interaction with our Correspondent, he said:
“The wave of digitalization that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently”
This is coming after a Spanish Banking group made a remarkable achievement by launching “One Pay Fx”, an international money transfer service that operates on Ripple [XRP] blochain technology.
Interest in the use of blockchain technology and security transactions is gaining traction as it solves issues of safety and wait time,eliminating middle men and allow transactions between the buyers and sellers directly under accepted terms and conditions.