The Spanish bank, Santander, has just released a new service for same-day international money transfers based on technology developed by Ripple across four countries. This significantly reduces transaction times and costs for cross-border payments that currently are inefficient and expensive to conduct. The service, which is known as “Santander One Pay FX,” will be available in the UK, Spain, Brazil, and Poland, where customers can utilize a variety of payment options depending on the payment’s originating market. This makes Santander the first bank to officially launch a blockchain-based service to customers across multiple countries.
At the time of its release, One Pay FX will be available for the following money transfers:
- Customers in the United Kingdom – Transfers across Europe and to the United States
- Customers in Spain – Transfer to the United Kingdom and the United States
- Customers in Brazil – Transfers to the United Kingdom
- Customers in – Poland – Transfers to the United Kingdom
While the service currently provides same-day transfers for retail customers, the bank is hopeful to offer “instant transfers across several markets by the summer,” according to Ana Botín, Executive Chairman of Banco Santander.
One Pay FX utilizes xCurrent technology designed by Ripple. xCurrent allows banks to settle cross-border payments, with end-to-end tracking, instantaneously. Banks can send real-time messages to relay transaction details and confirm payment when initiating a transaction and to settle a transaction upon its completion.
Santander was one of the first investors in Ripple during its first round of financing in 2015 through its $200 million Fintech fund, Santander Innoventures, and it has even bigger plans for this technology moving forward. According to Botín, “Our goal is to help the thousands of people who use international payments services every day, and we will be adding more currencies and destinations in the coming months.”
The company sees many more applications for blockchain technology down the road. “Blockchain technology offers tremendous opportunities to improve the services we offer our customers, and the launch of Santander One Pay FX is the first of many potential applications.”
For Ripple, this partnership is just one of many in which the company is partnering with financial institutions, such as UBS, National Bank of Abu Dhabi (NBAD), Accenture, MoneyGram, and more.
Dan is a freelance cryptocurrency and blockchain content writer. He has written content for startups, ICOs, financial planners, venture capital firms, and more. Previously he founded an e-commerce company that grew to $1 million in revenue and profitability in less than 3 years. Dan has a degree in Economics and Finance from Bentley University.