Banco Santander has launched the Santander One Pay FX, an international payments service available to retail clients in Spain, the UK, Brazil and Poland.
The Santander One Pay FX, using a blockchain-based technology, enables clients to complete international transfers on the same day or by the next one.
UK clients can use the service to transfer money across Europe and to the US, the bank’s Spanish customers to the UK and to the US, while customers in Brazil and Poland can transfer money to the UK.
The solution, to be rolled out across more countries in the coming months, also shows clients the exact amount of money that will be received in the destination currency before they make the transfer.
“With the launch of the service, Santander will become the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously,” Santander says.
Ana Botín, executive chairman of Banco Santander, said: “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.
“Our goal is to help the thousands of people who use international payments services every day, and we will be adding more currencies and destinations in the coming months.”