Not too long ago, one of the leading banking systems in the world Banco Santander launched One Pay FX known to be the first international money transfer service based on blockchain that cuts across four different countries including Spain.
This service: One Pay FX was launched in April 2018 to foster cross border transactions across countries. One Pay FX makes use of Ripple’s xCurrent service – a technology based on Distributed Ledger Technology (DLT). It is worth noting that Santander won the Financial Innovation Award in 2018.
To increase the use of One Pay FX by non-customers, Santander aims to make use of a standalone application known as PAGO FX. This implies that lots of people and SME’s across the UK, Germany, and Poland will have the opportunity to make use of this Ripple-powered service.
Even though Banco Santander does not make use of XRP yet, there are still hopes that it will use it in the future. Nevertheless, there is a high possibility that Santander will release Ripple’s product very soon in more countries very soon.
So, a couple of days ago, on 3rd of April, Banco Santander organized an “Investor Day” in London; during this event, the company stated it plans to:
- Spend more than €20 billion in digital and technology in the next 4 years in order to improve customers’ experience and loyalty, thus decreasing the cost of delivery.
- To elevate its digital service beyond what it is now, which includes a comprehensive global payment initiative, which will be the foundation of Santander’s open financial services platform.
Subsequently, the company made this proclamation:
“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.”
Speaking at the “Investor Day” event organized annually by the company, Ana Botin, the executive chairman stated:
“Technology is changing banking as we know it and we are positioning the company to capitalize on the world-class assets we have across the Group, including our technology, talent, and scale. This will allow us to benefit from the opportunities presented by digital innovation and will result in us becoming a digital leader in global financial services for the next decade. The cornerstone of Santander’s open financial services platform will be payments.”
Additionally, Getnet, a merchant service platform based in Brazil, also aims to expand globally; it will start from Mexico before moving on to Latin America and Europe.
Banco Santander’s investments will be channeled towards the production of a Global Trade Services platform with the sole aim of being in partnership with top-notch SMEs that operate globally. This company will also trade finance, supply chain, payments, and foreign exchange.
Consequently, a large chunk of the cost savings will be brought by Santander’s more significant ventures in Europe, and it will also perform a more streamlined-management arrangement designed to enhance its trade performance.
Image courtesy of Pixabay.
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