27 May '16, 6am

Santander is letting staff use the tech behind bitcoin to send money to each other

REUTERS/Sergio Perez Ana Patricia Botin, chairman of Spanish bank Santander. Santander has launched a new app that lets people transfer money internationally using blockchain technology, the cutting-edge database protocol that underpins bitcoin. The main benefits of the new tech are speed and accuracy. The new app, which for the moment is just being trialed with staff, will let people transfer between £10 and £10,000. The efficiency of the new technology means transfers will show up within 24 hours, compared to the current wait times that can vary from one day to three days. When it shows up in your account you'll be able to spend it immediately, too. Currently, incoming cash deposits will appear as a "pending" transaction, meaning it hasn't been cleared yet (basically been signed off by the bank). But blockchain transactions are "immutable" — that is, absolutely certain. ...

Full article: http://uk.businessinsider.com/santander-develops-blockcha...

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