Earlier on Thursday, April 12th Santander, a Spanish-based international bank and official sponsors of the biggest football league in Spain have confirmed the launch of its Ripple-powered Blockchain payment network, which makes it the first bank worldwide to do so.
According to the firm, One Pay FX, which utilizes Ripple’s Blockchain technology for cutting the cost and waiting period connected with international funds transfers, will initially be available to Santander account holders in Spain, Poland, UK, as well as in the south American country Brazil.
Santander’s executive chairman, Ana Botín revealed via a statement, which reads, “From today( 12th April), clients in the UK can utilize One Pay to transfer money across Europe and to the US. In Spain, clients can transfer to UK and US, while clients in Brazil and Poland can transfer to the UK,” while also going on to add:
“Transfers to Europe can be made on the same day and we aim to deliver instantaneous transfers across various markets by the summer.”
the product hasn’t been an instant product as Santander and Ripple have taken several years for developing it, with initial models demonstrating a Blockchain solution could offer the essential enhancement over traditional settlements three years ago back in 2015.
Ripple-powered Blockchain mobile payments were made available to staff by the bank’s operation back in 2016.
One Pay FX has revealed that the company has planned to launch many more features which also includes “instant international payments in numerous markets before the summer.”
By officially making this announcement Santander has gone onto beat its rival banks in the race of launching the first customer-ready Ripple settlement operation. According to several reports, institutions in South Korea and Japan have also been working on similar plans and may launch them very soon.