Europe’s largest bank by market capitalization, Banco Santander has launched a global payment service that leverages Ripple’s blockchain technology to enable same-day international transfers.
Santander blockchain service, which is dubbed Santander One Pay FX, is currently available to retail customers in Spain, UK, Poland, and Brazil, but a widespread release of the service is expected in the coming months, the company said.
The application, which can be accessed via a smartphone, uses Ripple’s core technology, called xCurrent to enable customers to make cross-border payments and complete the transactions on the same day or by the next day. The blockchain solution provides an end-to-end tracking of payments and instant settlements across the globe.
Santander said it is the first bank to release such a blockchain-based global payment service.
Ripple is an enterprise blockchain solution that is purposefully built to move money around the world seamlessly and as rapidly as possible, which explains why it is popular with banks and payment providers.
In a statement, Banco Santander’s Chief Executive Ana Botin said the service will “provide a fast, simple and secure way to transfer money internationally” and that it will offer “value, transparency, and the trust and service customers expect from a bank like Santander”.
With Ripple, it is possible to independently validate transactions and allow for a seamless transfer of money in any form—USD, Pounds, Euro, XBT, and Ethereum.
Elaborating on the bank’s decision to use Ripple, Botin added:
“Blockchain technology offers tremendous opportunities to improve the services we offer our customers, and the launch of Santander One Pay FX is the first of many potential applications”
The bank, however, is less keen to use Ripple’s fundamental currency, XRP to facilitate its foreign exchange service.
Although Santander has adopted a blockchain-powered service in its core business just now, this is not the first time the company is getting involved with Ripple.
Santander participated in Ripple’s first round of funding in 2015, via its $200 million fintech, Innoventures.
The Spain-based company says that in total its venture capital fund has made more than 20 investments in various financial technology startups, including big data, blockchain, financial advisory, mortgage and more.