Santander Uses Ripple To Launch First Blockchain Payments App

Banco Santander, or The Bank of Santander (as most know it) is the first Spanish bank that announced the launch of its blockchain payments app for retail customers in even four countries: Spain, UK, Brazil and Poland. The app uses xCurrent which is Ripple’s blockchain technology – to facilitate payments and help customers make most of their digitally connected devices.

The banking giant has even laid a claim as “the first bank to roll a blockchain-based international payment service of this kind to customers in multiple countries at the same time”. The name of the app is One Pay FX and according to users, it is already big as it is present in even four countries.

Santander Bank also prepares to release One Pay FX in even more countries in the coming months. As the executive chairman Ana Botin said in a statement:

“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,”

She also added:

“Notably, customers will be offered different payment options depending on their recipients’ destination. Santander users in Spain will be able to send pounds to the UK whereas customers in Brazil and Poland can send sterling pounds the UK.”

In case you didn’t know, Santander is using Ripple’s xCurrent which is an enterprise blockchain solution developed by the San Francisco-based FinTech giant in order to power end-to-end tracking of payments and instant settlements around the world. The platform, however, doesn’t use Ripple’s native cryptocurrency (XRP) to power the blockchain.

At this time, One Pay FX is popular because of the claims that it enables international payments with “3 clicks and 40 seconds” which is a claim that is yet to be verified with a real-world transfer.