It seems that Ripple’s blockchain technology has become the technology of choice for international fund transfers among bankers. A few months back we had heard that 61 banks of Japan are working on an international payments app that will utilize Ripple’s technology for international payments, and now Spanish bank Santander has come out with a similar offering. And while Japan’s app may be away from an official launch, Santander’s app is available for download in Play Store.
That’s right – Banco Santander today said in an official statement that it has launched OnePay FX, world’s first blockchain-based international payments service. As of now the service is limited to 5 countries only – namely Spain, UK, US, Brazil and Poland – but it will soon be expanded to other countries as well. The bank said:
“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. Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer. Our goal is to help the thousands of people who use international payments services every day, and we will be adding more currencies and destinations in the coming months.”
Previously Santander’s UK based arm had also tapped Ripple for cross-border payments, so we can say that this announcement has been in development from quite some time. Santander has used Ripple’s xCurrent blokchain technology to build up this app. xCurrent is an enterprise-blockchain platform developed by San Francisco headquartered company to facilitate instant transfers worldwide. However, the platform doesn’t use Ripple’s native XRP cryptocurrency.
Santander has said in its statement that OnePay FX will facilitate cross-border payments with “3 clicks and 40 seconds”. This claim, however, is still to be verified. Nevertheless, it feels great to see that one more major bank has jumped on to blockchain bandwagon for international transactions. Earlier IndusInd Bank and Axis Bank had also partnered with Ripple for cross-border remittances. As more banks join the revolution we will hopefully step into a future in which sending money anywhere across the world won’t take anymore than 5 minutes.