Santander debuts first blockchain-based international money transfer service
Banco Santander has launched a new international payments service using blockchain-based technology, according to a press release.
The service is available to retail customers in Spain, the U.K., Brazil and Poland, and will be rolled out across more countries in the coming months.
The new service, known as Santander One Pay FX, makes it possible for customers to complete international transfers on the same day in many cases, or by the next day, according to the release. The service also shows consumers the exact amount that will be received in the destination currency before they make the transfer.
Santander will add more features in the coming months, including offering instant international payments in several markets before the summer, making it significantly faster than existing international payment services, the bank stated in the release.
"Blockchain technology offers tremendous opportunities to improve the services we offer our customers, and the launch of Santander One Pay FX is the first of many potential applications," Ana Botín, executive chairman of Santander, said in the release.
Topics: Money Transfer / P2P