Banco Santander today proclaimed the commencement of a new worldwide payments service utilizing blockchain-based technology. The solution at the moment is offered to retail customers in Spain, Brazil, UK, and Poland, and they will be rolled out transversely to other countries in the upcoming months.
It is known by the name Santander One Pay FX, it is possible for consumers now to transact absolute international transfers on the real-time basis in many cases or by the subsequent day. The service also displays them the precise amount that will be conventional in the purpose currency before they make the transfer.
The Bank will append more features in the coming months, comprising offering immediate international payments in numerous markets before the summer, making it considerably swifter than current international payment services.
Santander will become the prime bank to turn around in the blockchain supported global payments solution to retail customers in several nations concurrently. At launch, each nation will offer consumers dissimilar payment selections depending on the market. Customers in Spain, for instance, will have the capability to send dollars to the United States and pounds to the United Kingdom. Consumers in the United Kingdom will be able to send euros to 21 countries and dollars to the USA and from Brazil and Poland, pounds can be sent to the UK.
The Way Forward
The new method utilizes xCurrent, a technology based on disseminated ledgers investment of California-based Ripple. InnoVentures, Santander’s $200 million fintech venture capital fund, funded in Ripple in 2015. In total, the fund has made over 20 reserves in a range of financial technology startups centered on AI, the blockchain, big data payments, financial advisory, SME and automobile investment or mortgages. Banco Santander made a substantial profit in the current year, an improvement of likewise to the preceding year reported by Coin Telegraph.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]