Santander Bank, one of the most important financial institutions worldwide, has announced its addition to the blockchain trend. It plans to launch new products that will allow encrypting transactions and improving the security of new investment options and asset transfer tools.
The bank is conducting operational tests with new products, which will launch on the market soon if all goes well. The new commercial strategies seek to use the security of this new technology to attract new customers and to retain current customers with services and products that offer greater certainty and transparency in transactions.
The financial institution itself announced through a press release its project on blockchain technology, without revealing the real strategy and new products that it will launch. In this way, it maintains its well-known confidentiality policy, which allows it to prevent other banks from anticipating and improving its planned commercial offers.
Santander Bank and Blockchain Technology
Santander Bank already has its unit dedicated exclusively to improving its products and services through blockchain technology. The head of this area, María Concepción de Monteverde, recently participated at a meeting held in Barcelona, making big announcements regarding the financial institution.
The bank conducted different tests last year, of which one of the most prominent was the simulation of the issuance of a 20-million-euro bond. During this activity, transactions between sellers and buyers were simulated to analyze the behavior of this new practice using blockchain technology.
This pilot test was commented in detail at the aforementioned meeting, where it could be seen that there is a growing interest from financial institutions in adding this new technology to their platforms to streamline transactions and ensure their security through the different existing technology platforms.
Santander Continues Blockchain Technology Exploration
Despite its announcement to continue the tests regarding blockchain technology this year, Santander has launched a series of calls to apply for Santander Scholarships for MIT Leading Digital Transformation. Students are allowed to access 2,500 scholarships offered by the bank to improve their knowledge of technological sciences, focusing on the technological transformation offered by MIT, where one of the main axes is blockchain technology.
While the tests regarding blockchain technology continue at this financial institution, as well as at others worldwide, it is important to note that clear laws regarding blockchain technology and its commercial use in the most important countries have not yet been regulated.
This year, new regulations regarding new blockchain technology and its use may be debated in the main parliaments worldwide, but it is important to establish clear parameters. In that way, banks will finally be able to launch new blockchain-based products and services, since they will be legally supported to avoid any type of inconvenience.
New blockchain-based payment platforms have succeeded in the current market, which has led small Fintech companies dedicated to offering this type of service to be worth millions of dollars shortly after being launched. This situation has aroused the interest among leading banks, such as Santander, which have established entire departments to research and develop blockchain-based financial products and services.
By Alexander Salazar