Santander One Pay FX
Santander SA has launched a new mobile app known as ‘Santander One Pay FX’ which would enable its customers to complete international transfers on the same day in many cases – or by the next.
Santander’s One Pay FX is the first mobile app which will apply the Ripple xCurrent technology for global payments, tweeted Ripple’s Global Head of Strategic Accounts, Marcus Treacher. The app will also allow users to the exact amount that will be received in the destination currency before they make the transfer.
— Banco Santander (@bancosantander) April 12, 2018
Enabling Same-Day Payments Across Four Countries
The service is currently available to customers in Spain, UK, Brazil, and Poland. Over the coming months, the bank would be rolling out its service across more countries and adding more currencies.
“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,” said Ana Botín, Executive Chairman of Banco Santander. In terms of currencies available, in the initial rollout, each country will offer customers different payment options depending on the market.
Santander and Ripple
The bank’s association with Ripple dates back to 2015 when its $200 million FinTech venture capital fund InnoVentures, invested in Ripple. xCurrent is Ripple’s enterprise software solution that enables banks to message and settle payments with light integration efforts and end-to-end tracking. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction.