Spanish-based international bank Santander has recently launched Ripple-powered Blockchain payment network, becoming the first bank to do so.
One Pay FX, which uses Ripple’s Blockchain technology to cut the cost and waiting time associated with international funds transfers, will initially be open to Santander account holders in Spain, Brazil, Poland and the UK, according to the company.
The payment network was created specially for retail customers.
“From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK,” executive chairman Ana Botín said in an accompanying press release, adding:
“Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”
Santander and Ripple have been developing the product over several years, with early prototypes indicating a Blockchain solution could provide the necessary improvement over traditional settlements as early as 2015.
In 2016, the bank’s UK operation made Ripple-powered Blockchain mobile payments available to staff.
Moving forward, One Pay FX plans to include more features, including “instant international payments in several markets before the summer.”
The move sees Santander beat rival banks to make the first customer-ready Ripple settlement implementation. Similar plans are currently in the pipeline involving institutions in South Korea and Japan.
In such a way already very soon creating and using Blockchain payment networks will become common practice for all the banks in the world.