After two years of development, Santander Group is launching a blockchain-based app, built on Ripple's tech infrastructure, for cross-border FX for its customers in Spain, UK, Brazil, and Poland. Not too surprisingly, the app doesn't require native XRP tokens to function!
Santander has become the first international bank to launch a cross-border payments system based on blockchain, using the new technology with a view to taking on specialist fintechs such as TransferWise. The “One Pay FX” service will become available for the bank’s customers in Spain, the UK, Brazil and Poland on Friday, but Santander executive chairman Ana Botín told the FT the group aims to eventually make it available as a standalone app that could be used by customers at other banks. Ms Botín said she was particularly keen to encourage the project - which took two years to develop - after seeing her son using a rival service to more quickly transfer money into Spain.