Ripple and Santander Launch the First International Blockchain Payment Service

This is Meant for the Customers

0 491

Santander which is a Spanish based international banking institution has just made confirmations of the launch of the Ripple powered Blockchain payment model. This was done on 12th April, and this made it one of the first banks to do this.

The One Pay Fix is a technology based on the Ripple Blockchain technology is meant to cut the waiting tie and the cost which is related to the international fund transfers. This technology will be available for the Santander account holder’s base in the UK, Poland, Brazil, and Spain. This is according to the organization.

Ana Botin, the executive chairman, said:

“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. Transfers to Europe can be made on the same day, and we are aiming to deliver instant transfers across several markets by the summer.”

Therefore, ripple and Santander were involved in the development of the product some years back. The first made prototype indicated a Blockchain solution which could then give an improvement over the various traditional settlements from 2015.

Therefore, the UK operation of the bank in 2016 availed the ripple powered Blockchain mobile payments to their staff members.

Therefore, as a means of moving forward, there are various features which the One Pay FX seeks to include which include “instant international payments in several markets before the summer.”

This invention sees Santander go ahead of all the rival banks by the making of the first customer-ready Ripple settlement feature. Therefore, the same plans are still underway, and these involved the various institutions which are based in Japan and South Korea.

You might also like