Santander One Pay FX: Santander harnesses Ripple's blockchain-based XCurrent
Santander Group recently announced the launch of One Pay FX, a blockchain technology allowing cash transfers to arrive on the same day. Currently, the billion dollar Spanish giant launched the service across four countries, Spain, United Kingdom, Brazil, and Poland and will soon release it worldwide in the next few months.
Customers in the United Kingdom can use One Pay to make transfers to European countries and the United States. In Spain, customers can transfer them to the United Kingdom and the United States, while those in Brazil and Poland, to the United Kingdom.
The service will employ XCurrent, business software designed for banks to transfer and receive international payments, which also encompasses end-to-end tracking and bi-directional messaging.
Another highlight of this service is that its users will know the final amount that will arrive in the nation wise currency of the recipient before approving the transaction.
Once the service is launched in every country, Santander will add new functionalities in the coming months such as the feasibility of performing instant transfers before the summer arrives. This will make Santander One Pay FX one of the fastest international transfer services available.
Ripple, a California based company, created the software in 2015 and since then, has been collaborating with Santander for this project. InnoVentures, the venture capital fund of Santander with 200 million dollars financed in Ripple in 2015.
Santander has announced its purpose to be the original international retail bank to execute cross-border payments using the blockchain technology.