Yesterday April 12/04 Banco Santander, one of the world’s largest banks with more than 130 million customers, announced the launch of its new and innovative payment service, based in blockchain technology “OnePay FX”.
Available to retail customers in, Spain, UK, Brazil and Poland, the service is planned to expand to more countries in the coming month. “OnePay FX” makes possible for customers, in many cases, complete international transfers on the same day it is made. According to the Santander more features will be added in the near future, just possible with blockchain technology, such as
“international payments in several markets before the summer, making it significantly faster than existing international payment services.”
“One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally – offering value, transparency, and the trust and service customers expect from a bank like Santander. … 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.” Said Ana Botín, Executive Chairman of Banco Santander.
With the launch of this service Santander becomes the first bank to apply the benefits of blockchain technology to international payment services, this new service uses xCurrent a technology based on distributed ledgers, developed by Ripple. Startup taken by InnoVentures, Santander`s fintech venture capital found.
“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” Declared Ana Botín.
Santander`s InnoVentures, with their $200 million capital found, promises interesting new services coming in the future, with more than 20 investments in promising financial technology like artificial intelligence, big data, blockchain, payments, financial advisory, SME and automobile finance or mortgages.
Projects like this one reinforces the trust on blockchain technology all over the world and promises the elimination of global payment frictions as more financial institutions like Santander adopt and build upon Ripple solutions.
by Samuel Larreal