Santander One Pay FX — the first Ripple-enabled mobile app for cross-border payments using xCurrent — is now available to Santander’s retail customers in the U.K.
One Pay FX gives Santander’s customers the ability to make EUR and USD payments to Euro Zone countries and the U.S, respectively. International payments made on the app reach their destination within one day, versus three to five days on average for traditional wire transfers.
With the launch of the service, Santander will become the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.
The rollout of One Pay FX will also provide a critical service to the millions of Santander customers who depend on international payments services.
“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, said Ana Botín, executive chairman of Banco Santander. “Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”
Ripple also supports cross-border payments for Santander in Spain, Brazil, and Poland
Ripple will also enable cross-border payments for Santander customers in Brazil, Spain, and Poland using xCurrent. Customers in those countries will now see faster transaction times.
“Ripple’s products, including xCurrent, help financial institutions across the globe enhance their customer experience by making the global movement of money more fluid,” said Marcus Treacher, Ripple’s SVP of customer success. “With One Pay FX, Santander customers in can now send payments across borders in a fast and simple way.”
Santander is one of the largest banks in the world with over 133 million customers and nearly 14,000 retail branches. Santander plans to roll out the technology, to more countries and will eventually support instant payments.
As more financial institutions like Santander adopt and build upon Ripple solutions, we can eliminate the friction in global payments and will be one step closer to establishing an Internet of Value — where money moves as information does today.