Spanish banking group Banco Santander has introduced a new blockchain-based international payments service for the retail customers in Spain, the UK, Brazil and Poland.
Santander One Pay FX is the first blockchain-based international money transfer service, which allows customers to complete international transfers on the same day or the next day.
The new service, which is expected to be launched in more countries in the coming months, will show the exact amount to the customers that will be secured in the destination currency before they make the transfer.
Santander is also planning to add more features to the new service, including offering instant international payments in various markets, in the coming months.
The service provides different payment options in each country based on market conditions. In Spain, the customers can send dollars to the US and pounds to the UK. Similarly, the customers in the UK can send euros to 21 countries and dollars to the US.
From Brazil and Poland, the customers can send pounds to the UK.
Banco Santander executive chairman Ana Botín said: “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.
“From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK.
The new service uses xCurrent, which is a technology based on distributed ledgers owned by California-based Ripple. Santander’s $200m fintech venture capital fund InnoVentures invested in Ripple in 2015.
InnoVentures has made more than 20 investments in a range of financial technology startups that works on artificial intelligence, big data, blockchain, payments, financial advisory, SME and automobile finance or mortgages.
Image: Santander has launched blockchain-based international money transfer service in four countries. Photo: courtesy of Eduardo P.