Earlier this month, Banco Santander launched a new international payment service called OnePayFX, makes it possible for customers to complete international transfers on the same day in many cases or by the next day. The app, based on Ripple’s blockchain technology, also shows them the exact amount that will be received in the destination currency before they make the transfer. The facility is currently available to retail customers in Spain, UK, Brazil and Poland, with the bank planning to expand its service in several other countries in the coming months.
In an interview with Financial Times, Ana Botín, Santander’s Executive Director said that Santander has been planning to allow even non-Santander customers use the blockchain based cross border payment app. The interview can be heard here.
Ana Botin said
“We’re working, as you say, to make this also, at some point – I don’t have a timing for that – a separate app so it’s open market payments and so we’re very excited about the potential.”
— Lionel Barber (@lionelbarber) April 18, 2018
Presently, the app can be used only by individuals. Ana says that the bank is working towards making it accessible to enterprises. During the interview, she revealed that Santander currently uses Ripple’s blockchain technology to complete about 50% of the cross-border payments. To instill confidence among users, Ana explained that the system has been tested for nearly two years, among its employees, before introducing it to the public.
At the time of launching OnePayFX, Ana Botin 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”
OnePayFX uses xCurrent, a technology based on distributed ledgers owned by California-based Ripple. InnoVentures, Santander’s $200 million fintech venture capital fund, invested in Ripple in 2015.
Banco Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of 2017, Banco Santander had EUR 986 billion in customer funds (deposits and mutual funds), 133 million customers, 13,700 branches and 200,000 employees.