Santander Rolls Out Blockchain-based Money Transfer Service
Finextra Press Release | Apr. 12, 2018
Santander announced its rollout of its international money transfer service, as ‘Santander One Pay FX’, for retail customers in Spain, the UK, Brazil and Poland. The service will provide full transparency on fees and FX upfront. Santander is one of the first global banks to rollout a blockchain-based payments service for retail customers.
Santander has rolled out its Ripple-based international money transfer service, as ‘Santander One Pay FX’, for retail customers in Spain, the UK, Brazil and Poland. Santander’s new payment service makes it possible for customers to complete international transfers in near real-time or by the next day.
Following an 18-month piloting of this mobile-based application with bank staffers, Santander announced its plans to rollout One Pay FX to three countries at its 2017 earning presentation:
One Pay FX uses xCurrent, a blockchain technology provided by Ripple to power the service. In 2015, Santander’s s $200 million fintech venture capital fund, InnoVenture, invested in Ripple.
OnePay FX will allow the users to send up to 10,000 GBP daily, which can be converted between USD and EURO also. While Santander is initially providing this service free of charge, the recipient of the funds will pay the fees, which will be determined by their bank. Santander plans to add a transaction fee for this service at some later stage, according to a bank official.
“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,” said executive chair Ana Botin. Santander plans to add more features in the coming months, including offering instant international payments in several markets before the summer.