Santander became the first large European bank to implement Ripple blockchain in its mainstream customer-oriented OnePayFX app. The software product was launched 2 months ago, but with little publicity. The representatives of the bank stated that 50% of Santander’s international transfers are conducted on Ripple blockchain, a truly amazing figure, given the fact that Santander is the 14th wealthiest bank in the world.
The official announcement about OnePayFX app came from Ripple just yesterday. The Ripple team had previously acknowledged the existence of the app, but the official press release was pending. Along with the press release the company published a video which demonstrates the functionality of the app. It shows how $15.00 are transferred from the UK to the USA. The transaction happens instantly, in contrast with regular money transfer, which can take up to 5 days.
Ripple team also pointed out other benefits of the app:
“With its mobile-first UI and blockchain infrastructure, the OnePay FX app offers remittance customers several new features: 1) the total cost of sending their payment, including bank fees and foreign exchange rates 2) a delivery time quote for improved transparency 3) and a receipt of payment for complete certainty. No other bank can provide this type of experience.”
The fact that a major bank already uses blockchain for 50% of its international transfers shows that blockchain adoption is in full swing. The next step for Ripple might be the integration of XRP into OnePayFX app, which would have huge consequences.