Banco Santander creates a team to use blockchain the transactions in securities

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Giant Spanish banking industry, Banco Santander last week announced its plans for the use of advanced blockchain technology to expand their business in the capital markets, to improve control over the issuance, sale and regulation of securities market.

The Bank has created a new group “Digital Investment Banking”, which will be a division of Santander Corporate&Investment Banking. The main goal of the new team will be the Bank’s latest technology to explore the possibility of applying tokenization on the market securities, derivatives, debt capital and other products, noted in a press release.

The team will be headed by the Director of the laboratory for the development of block networks of the Banco Santander, John Whelan.

“The wave of penetration of digital technology into the mainstream financial sector increases, and our customers expect the most promising and best solutions aimed at reducing costs and attracting new categories of products in the field of services, allowing more efficient access to markets finkapital. We intend to meet the expectations of our customers,” said Jose M. Linares, Vice-President Santander, head of Santander Corporate&Investment Banking.

Earlier blockchain initiatives of the Bank

Santander has initiated several blockchain consortia, including Enterprise Ethereum Alliance, we.trade, Alastria and Utility Settlement Coin. It was recently announced that the first direct payment transactions were carried out on the platform we.trade.

In April 2018 Banco Santander has launched a new service of international payments on the blockchain – Pay FX. The Bank also used the blockchain technology for voting investors at its final General meeting (AGM) this year.

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