Santander Launches Blockchain Based Transfer Service

Source: REUTERS / MARCELO DEL POZO

Santander is the first international bank to offer a transfer application based on blockchain with the launch of Santander One Pay FX. The payment application lets users make transfers across country borders considerably quicker, with transfer times of two days or less. The application also allows you to view the amount that will be received, in the currency of the destination, immediately. Santander's One Pay FX is available today for customers in Spain, Brazil, UK and Poland and is expected to be expanded to other countries and currencies in the coming months. Santander Executive Chairman Ana Botín stated that the bank also intends to eventually make the application available to customers of other banks.

Santander One Pay FX is based on xCurrent, an enterprise software solution technology developed by North American Ripple that allows banks to settle cross-border transfers with end-to-end tracking. It is the first use of blockchain by a major bank globally and Santander has already stated that the transfer application is the "first of many" to use the blockchain technology. By storing data in a secure, anonymous, distributed ledger, blockchain data is not validated or stored by one entity but rather a network of computers. "Blockchain technology offers great opportunities to improve the services we provide to our customers" said Ana Botín.

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