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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