There’s been a lot of speculation over whether cryptocurrency, the blockchain, and financial institutions can co-exist. But Ripple has been working hard to earn the respect of large banking corporations. And now Spanish bank, Banco Santander, has just announced the launch of their new international payments service, which makes use of Ripple’s blockchain tech.
Making International Same Day Transactions Possible
Banco Santander is offering this new service, called Santander One Pay FX, to its retail customers in Spain, Brazil, Poland, and the UK, with the intention of rolling it out to further regions later on this year. By using Ripple’s XCurrent blockchain technology, now the bank’s customers will at last be able to enjoy same day international transfers, or at the very latest, by the next day.
In addition to this added benefit for Santander clients, consumers will also be able to see the exact amount they will receive in the target currency, before authorizing the transfer. This is a pretty big step for the bank to take, as it embraces blockchain technology as an early adopter. In fact, this latest move makes Banco Santander the first bank to launch a blockchain-based international payments service for retail customers in multiple countries at the same time.
What Does Banco Santander Say?
The Spanish bank also plans to build upon the current offer by adding more features to its payment services over the next few months. Executive Chairman of Banco Santander, Ana Botín, said in a statement, “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.”
She went on to explain, “From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK. 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.”
While the new service will be the same in each country, customers will be given different payment options, rather than just sending their own currency. So, for example, in Spain, customers will have the ability to send US dollars to the US and UK pounds to the UK. And UK customers can send euros to anywhere within the EU.
That Banco Santander has so publicly come out in full support of the blockchain and launching this new service can only be a good thing. This is certainly a boost for Ripple and the cryptocurrency community in general, and surely the first of many such announcements to look forward to this year.