Banco Santander, the world’s ninth-largest financial service company by revenue ($108.8 B) is one of the leaders in blockchain adaptability. The bank launched One Pay FX, the world’s first mobile application for cross-border payments powered by RippleNet in April 2018.
One Pay FX gives Santander’s customers the ability to make EUR and USD payments to Euro Zone countries and the U.S, respectively. International payments made on the app reach their destination within one day, versus three to five days on average for traditional wire transfers. With the launch of the service, Santander became the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.
The bank’s Head of Innovation Ed Metzger spoke at the Swell 2108.
He began his speech by saying,
“We want to tell you about our journey with Ripple, and how we’ve used the technology to improve our customers’ lives.”
Santander's 140 million retail and commercial customers worldwide have new expectations for their international payments experience. Their retail customers, in particular, are looking for an experience that’s as personal, fast and reliable as other digital services today, such as two-way, instant messaging with anyone, anywhere, or booking a house on-demand worldwide.
“We believe that financial services are 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.”
Ripple’s blockchain technology enabled the bank to provide their customers with something they had never seen before: a new level of transparency, certainty, and speed.
Metzger added a few examples:
“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his banking card. He was able to use the app to immediately pay the fine, and stop his car from being towed away.”
“It’s four or five clicks to do something that would have taken an awful, awful long time in the past.”
Banco Santander has ideas to continue to roll out OnePay FX in more countries in the coming months. Currently, the mobile application is available in the U.K. The service also provides on-demand international payments for customers in Spain, Brazil, and Poland.