Santander’s One Pay FX Facilitates Same-day Cross-border Payments
Santander Group recently launched One Pay FX, an app, which facilitates same-day cross-border payments. Santander Group has employed RippleNet’s xCurrent payment platform, which is based on blockchain technology. Currently, the facility is available in Spain, United Kingdom, Brazil, and Poland. Santander aims to add more countries in the coming months.
The UK customers will be able to use One Pay to transfer funds to both the European countries and the US. The customers in Spain will be able to transfer funds to the UK and the US. The Santander clients in Brazil and Poland will be able funds only to the UK.
Santander uses, xCurrent platform to process the fund transfer. The platform enables banks to not only receive and send payments, but also facilitates end-to-end tracking and bi-directional messaging. Notably, the users of this service will clearly get to know the amount in domestic currency, which a recipient will receive upon completion of the transaction. This will enable a user to approve, cancel, or modify a transaction.
Santander plans to add new features, once the service extends to all other countries it operates. This will make Santander’s One Pay FX the fastest international money transfer facility.
Ripple, a San Francisco-based company launched the blockchain technology based funds transfer platform in 2015. The company has a partnership with Japan’s SBI Holdings, which leads a consortium of over 70 banks. Santander’s venture capital arm Inno Ventures has invested $200 million in Ripple.