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:
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.
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.