Santander has become the first bank to deploy Ripple’s Blockchain technology for transfers of customer funds.
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.
“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 developed 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.