The blockchain technology is taking over the world. The Santander Bank, one of the major banks in the world is the largest bank in the Euro zone, which was founded in 1857 in Spain, is finally starting to use blockchain-based payments.
What Is Santander's One Pay FX?
The new service will be known as Santander One Pay FX and it will use the blockchain technology to allow faster international payments for its users. The service is currently available to customers from Spain, the United Kingdom, Brazil and Poland, but the company is expecting to extend the service to more countries until the end of the year.
Ana Botín, Chairman of Santander One Pay Fx, states that customers in the United Kingdom will be able to send money across all Europe and the United States, Spanish customers will be able to send it to the UK and US and customers in Brazil and Poland will be able to send it only to the UK at this moment. At the moment, only USD and GBP will be able to be sent via the service.
This service was designed as a faster alternative to traditional payments methods because it can enable the customers to receive the money on the same day that it was sent from another country.
— Banco Santander (@bancosantander) April 12, 2018
Santander Will Become The First International Bank To Use Blockchain
It is not news that many of the blockchain projects that you can find on the internet right now are very against the traditional banks. Because of this, it is somewhat surprising (but not too much) that Santander will start to use this technology. Also, blockchain is considerably more transparent than the transactions made by banks generally are.
It is not so surprising, after all, because the blockchain is a considerably faster way to transfer money across countries than the ways that traditional banks offer and charges lesser fees than services like PayPal, so it is very likely that other banks will soon follow this trend.
Santander Will Use xCurrent Technology
This service will use xCurrent, a technology that was created by the creators of Ripple, a California-based cryptocurrency which has been pretty popular in the market recently. The choice was possibly because InnoVenture, a venture capital fintech owned by Santander invested $200 million USD in Ripple in 2015.