Skip to content

Santander uses Ripple, launches the first block payments application for the banking sector Blockchain

Join our community of 10,000 traders on for only $ 39 per month

Spanish banking giant Banco Santander has announced the launch of its international payments application for retail customers in four countries using xCurrent, Ripple's blockchain technology.

Santander claims as "the first bank to simultaneously deploy a blockchain-based international payment service to retail customers in several countries" with the launch of One Pay FX, in a statement today. The launch of the smartphone app will initially be available to retail customers in Spain, the United Kingdom, Brazil and Poland, before a wider distribution to more countries in the coming months.

"As of today, UK customers can use One Pay to transfer money to Europe and the US In Spain, customers can be transferred to the United Kingdom. United Kingdom and the United States, while customers in Brazil and Poland can be transferred to the UK, "said Ana Botin, Executive Chairman of Banco Santander, in a statement.

Notably, different payment options will be offered to customers depending on the destination of their recipients. Santander users in Spain will be able to send books to the UK, while customers in Brazil and Poland will be able to send UK pounds to the UK, the bank says.

Santander uses Ripple's xCurrent, a business blockchain software developed by San Francisco-based FinTech to fuel end-to-end tracking of payments and instant payments around the world. The platform, in particular, does not use Ripple's native XRP cryptocurrency to power the blockchain.

As previously stated, Santander said that the application will allow international payments with only "3 clicks and 40 seconds", a claim that still needs to be independently verified with a real transfer at the time of the press.

See also  Bitcoin Core 0.16.0 becomes direct: here are the changes in this major update

"Transfers to Europe can be done on the same day and we aim to make instant transfers to several markets by the summer," said Botin, adding:

Our goal is to help the thousands of people who use international payments services every day, and we will add more currencies and destinations in the coming months.

As Santander becomes proactively the first European bank to use blockchain technology to fuel a core banking process, a consortium of more than 61 Japanese banks – collectively responsible for 80% of the country's banking assets – is also working to launch A consumer payment app using Ripple technology.

Image from Shutterstock to photo

Follow us on Telegram.