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Online & Mobile Banking

Santander, Ripple bring out blockchain-based money transfer service

Thursday 12 April 2018 | 01:32 PM CET

Santander has rolled out its Ripple-based international money transfer service for personal customers in Spain, the UK, Brazil and Poland.

The new service, known as ‘Santander One Pay FX’, makes it possible for customers to complete international transfers in near real-time or by the next day.

Santander has been piloting the mobile-based application for 18 months with bank staffers. The bank is using xCurrent, a technology based on distributed ledgers owned by California-based Ripple to power the service. InnoVentures, Santander’s USD 200 million fintech venture capital fund, invested in Ripple in 2015.

Under the current offering, each of the four countries will offer customers different payment options depending on the market. Customers in Spain, for example, will be able to send dollars to the US and pounds to the UK. Customers in the UK will be able to send euros to 21 countries and dollars to the US, and from Brazil and Poland, pounds can be sent to the UK.

More: Link
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