Santander Group hosts an app called OnePayFX, which uses the same technology as fellow crypto platform Ripple uses. The focus of the technology is to help consumers get their transactions performed in the same day. However, Ripple’s impressive usage around the world may make some consumers wonder if OnePayFX will be available globally within the next few months, which is what the rumors say.
The Santander Group’s goal is to become the innovative force that drives retail banks to perform transactions across country lines, using cryptocurrency and blockchain.
OnePayFX already allows consumers to perform cross-border payments within Santander, which is run by Scott Powell under the parent company. This group presently allows services in four specific countries – Poland, Spain, Brazil, and the United Kingdom.
Part of the OnePayFX platform is XCurrent, which creates software that is designed for use with banks to perform inbound and outbound payments internationally. XCurrent also helps to keep these transactions protected with encryption. This software has been in the process of adapting it for the company since its origination. Blockchain itself has been responsible for the procurement of about half of the payments made through Santander already.
Once the service is available in every area of the world, the company plans to add on other features that will enable them to give their consumers more. Transfers will happen in seconds, making it even faster than bank transactions.
For consumers in the United Kingdom, OnePayFX lets them send funds to countries in Europe and the United States. This change has made quiet a stir in the social media world, with members of reddit commenting on the rumors to find out when these changes will take place, and even suggesting that there is “something wrong here” about the process taking a few months.