The FT has reported that Santander is seeking to be the first UK bank to use blockchain to enable its customers to make faster and cheaper international payments.
This looks to be primarily a defensive move, against the onslaught of Fintech companies seeking to snap up payments, although one that will benefit consumers and should drive competition. This sort of development should therefore be welcomed.
I suspect this will be the first of the announcements by various banks in the immediate future. It's already public knowledge that Barclays has partnered with Circle Internet Financial - a US bitcoin start-up backed by Goldmans which was the first entity to obtain one of New York State's famous BitLicences, which has also recently obtained an e-money licence in the UK.
