Santander has launched its first mobile app for international payments, called Santander One Pay FX, which is powered by Ripple technology.
The app gives customers the ability to transfer money internationally from Euro Zone countries and the U.S, with the total time it takes to transfer being within one day. This is significantly shorter than the typical international transfer time, which typically takes three to five business days using traditional wire transfer services.
Currently, the app and service will only be available to Santander customers in four countries – Spain, Brazil, Poland, and the UK. The bank said that it will be adding countries to the list in the coming months and may extend the availability of the product to other financial institutions.
In a statement released Thursday, Banco Santander’s executive chairman Ana Botín discussed the product launch, saying:
“One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally — offering value, transparency, and the trust and service customers expect from a bank like Santander. Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”
The service is based on Ripple’s xCurrent system, which does not utilize their cryptocurrency XRP. In a statement made on Thursday, Ripple’s Senior Vice President of Customer Success, Marcus Treacher, said in part:
“Ripple’s products, including xCurrent, help financial institutions across the globe enhance their customer experience by making the global movement of money more fluid. With One Pay FX, Santander customers can now send payments across borders in a fast and simple way.”
Santander has been in talks with Ripple since 2016, but this is the first time the bank has officially launched any products based on Ripple’s technologies.