Santander to introduce Ripple powered One Pay FX to non customers via Pago FX

Banco Santander, one of the Eurozone’s largest banks and of Ripple’s 200 customers, launched the first blockchain-based international money transfer service across four countries (Spain, UK, Brazil and Poland) in April 2018. The service uses xCurrent, a technology based on distributed ledger technology (DLT) developed by Ripple. The service also won Santander the Financial Innovation Award in 2018.

Today, on April 3rd, Banco Santander organized an “Investor day” in London. According to an announcement, the Bank will:

  • invest over €20 billion in digital and technology over the next four years, improving customer experiences to further increase loyalty, while lowering the cost of delivery.
  • expand several of its digital offerings, including a comprehensive global payments (which will be the cornerstone of Santander’s open financial services platform) initiative:

“Introducing Santander One Pay FX, the international payments solution launched across four of the Group’s markets last year, to non-customers through a standalone open market app called Pago FX which will be launched in the UK, Germany and Poland for individuals and SMEs in the near future.”

Santander will expand its Ripple powered solution One Pay FX to non-customers with its standalone app “Pago FX“. This means that more people and small-medium enterprises across the UK, Germany and Poland will be using this Ripple powered service. Despite the fact that this is not utilizing XRP yet, there are high hopes from the community that it will in the near future. Moreover, it is expected that Santander will roll-out its Ripple powered products in more countries in the coming months.