Santander customers will soon be able to quickly transfer funds internationally using the bank's new blockchain-based money transfer system.
The new Ripple-based service called Santander One Pay FX will allow users to complete international transfers within the same or next business day.
Santander's chief executive, Ana Botín offered more details on the new blockchain-based money transfer system, saying:
“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. Transfer to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”
Botín decided to push the project forward after seeing her son use a rival service that more quickly transferred money to Spain. Personal customers in Spain, Brazil and Poland will be able to use the new service that Santander took two years to develop.
Santander is also planning to add more currencies and destinations within the coming months. Eventually though, the bank wants to expand the service to small businesses and allow customers at other banks to use it as well via a standalone app.
Initially only Santander customers that have a debit card registered with Apple Pay will be able to use the new system.
If the Santander's blockchain-based money transfer system is a success, we could see other banks try to implement their own solutions using blockchain to speed up and hopefully simplify the process of sending funds internationally.
Image Credit: Santander