Santander launches blockchain based cross-border payments
(12 April 2018 – Europe) Santander has launched a cross-border payments system using blockchain technology, becoming the first international bank to do so.
The “One Pay FX” service will be available to the bank’s customers in Brazil, Poland, Spain and the UK with plans to extend the service to more countries and small businesses in the coming months. The aim is to eventually roll it out as a stand-alone app that can be used by customers of other banks.
The system has been developed by Ripple, which Santander’s’ InnoVentures venture capital fund invested in back in 2015.
One Pay allows users to see the exact amount of money that will arrive in the destination before they make the transfer, and shortening the length of time taken from several days to the same or next day. The bank is aiming to make transfers instant in several markets over the coming months.