Ripple-Powered Money Transfer App Released By Banco Santanderbr>
Spanish banking group Santander has released its new blockchain-based international money transfer app.
Called Santander One Pay FX, the app uses Ripple’s settlement technology xCurrent, an advanced blockchain-like system which allows users to make transactions in different currencies globally. The app will enable customers to complete international transfers on the same day itself in many cases or by the next day. Customers would also be able to view the exact amount that will be received in the destination currency before they make the transfer.
The new service is currently available to retail customers in Spain, UK, Brazil, and Poland, and will be rolled out across more countries in the coming months. Santander will also add more features in the coming months, including offering instant international payments in several markets before the summer.
Ana Botín, Executive Chairman of Banco Santander, said that blockchain technology offers tremendous opportunities to improve the services they offer their customers, and the launch of Santander One Pay FX is the first of many potential applications.
“From today, customers in the UK can use One Pay to transfer money across Europe and to the US,” said Botín. “In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK. Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer. 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.”
Santander One Pay FX comes as a result of a continuing partnership between Ripple and Santander. InnoVentures, Santander’s $200 million FinTech venture capital fund, invested in Ripple’s $32 million series A funding in 2015. In total the fund has made over 20 investments in a range of FinTech startups focused on artificial intelligence, big data, blockchain, payments, financial advisory, SME and automobile finance or mortgages.