Banco Santander Launches a Blockchain Application for International Payments

Banco Santander, the largest financial and credit group in Spain, has introduced a system for making international payments based on Blockchain. A new service called One Pay FX runs on xCurrent technology from Ripple.

One Pay FX is a convenient service for international transfers, which will be processed within a day, not for several days. Also, customers will be able to see the exact amount of funds, that will be credited to the recipient's account, before sending the payment.

At first the system will be available only in some countries and in certain currencies (US dollar, British pound, euro), for each country the set of functions will differ. Thuswise, Spanish customers will have an opportunity to send US dollars and pounds to the UK, customers from the UK will be able to send euros to 21 countries, as well as US dollars directly to the US, customers from Poland and Brazil will be able to send only pounds to the UK. Over time, the set of countries and currencies will be expanded.

Ana Botin, Executive Chairman of Banco Santander, said: "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."

Banco Santander will be the first bank to offer international payment services for clients from different countries.

by JustForex, 2018.04.16

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