Santander launches blockchain money transfers
Written by Peter Walker
Santander has launched the first blockchain-based international money transfer service across four countries.
Santander One Pay FX will make it possible for customers to complete international transfers on the same day in many cases or by the next day. For instance, customers in the UK will be able to send euros to 21 countries and dollars to USA.
It is now available to retail customers in the UK, Spain, Brazil and Poland, with the bank expecting roll out across more countries in the coming months.
As well as being faster, the service also shows customers the exact amount that will be received in the destination currency before they make the transfer. The bank plans to add more features in the coming months, including instant international payments in several markets before the summer.
Ana Botín, executive chairman of Banco Santander, said: "Our goal is to help the thousands of people who use international payments services every day, and we will be adding more currencies and destinations in the coming months.
"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."
The new service uses xCurrent, a technology based on distributed ledgers owned by California-based Ripple. InnoVentures, Santander’s $200 million FinTech venture capital fund, invested in Ripple in 2015. In total, the fund has made over 20 investments in a range of financial technology startups focused on artificial intelligence, big data, blockchain, payments, financial advisory, SME and automobile finance or mortgages.