Spanish banking giant Banco Santander today announced the launch of a new international payments service using blockchain-based technology.
The service, called Santander One Pay FX, uses tech developed by blockchain firm Ripple.
Ana Botín, Executive Chairman of Banco Santander, 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.”
Santander's blockchain-powered foreign exchange platform is currently live in four countries — Spain, UK, Brazil and Poland. A wider roll-out is expected in coming months, the bank said.
“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,” Ana Botín said.
Santander is using Ripple’s xCurrent, an enterprise blockchain software developed to power end-to-end tracking of payments and instant settlements around the world. The platform, notably, does not use Ripple’s native cryptocurrency XRP (XRP/USD) to power the blockchain.
On Wednesday, Ripple invested $25 million into a fund started by Blockchain Capital, a venture capital firm dedicated to blockchain.
By Siranush Ghazanchyan