Banco Santander is one of the traditional banks known for its openness for innovation and adoption of blockchain technology. In April, it was announced that the bank launched a new international payments service using blockchain-based technology.
The service is known as ‘Santander One Pay FX’ which is the first Ripple-enabled mobile app for conducting international payments with the help of xCurrent.
This app enables retail customers in Spain, UK, Brazil and Poland to complete international transfers just on the same day or at least by the next day, while for conducting traditional wire transfers, from three to five days are needed on average.
Without any doubts, this new service is a great step forward for Santander and has a great positive impact on the bank’s performance. So, starting his speech at the framework of Swell 2018, the bank’s Head of Innovation Ed Metzger stated:
“We want to tell you about our journey with Ripple, and how we’ve used the technology to improve our customers’ lives.”
Indeed, it’s a strong statement made by the team of the largest financial institution in the EU and one of the world’s leading bank that is an active player of ten different markets. Banco Santander has a client base of more than 140 million retail and commercial customers from all over the world, and according to the bank’s Head of Innovation, thanks to One Pay FX now they have absolutely new understanding of international payments standards.
As Metzger explained, especially retail customers want to find simple and clear digital services such as messaging with each other or booking a hotel room online. When it comes to cross-border payments, they want to see something similar.
Speaking about the benefits that One Pay FX has brought to them, Ed Metzger noted:
“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.”
With the help of Ripple’s blockchain technology, Banco Santander has managed to ensure a significantly higher level of transparency, certainty and speed for its customers across a number of different markets.
For example, Metzger explained how with the help of the app one of their customers being on holidays in Italy had managed to pay a fine for parking in the wrong place without his banking card.
It has also become known that Banco Santander is going expand OnePay FX into other countries in Europe, South America, and Asia in the upcoming months.