Santander is reportedly planning to launch a blockchain-based payment application for cross-border foreign exchange on Friday.
The news comes from The Financial Times, who report that the One Pay FX app will be rolled out to customers of the global banking giant across four countries tomorrow – Spain, the UK, Brazil and Poland.
The application has been built on distributed ledger technology provided by Ripple, and has been in development for around two years. As we reported in early February of this year, the UK arm has been developing the technology with Ripple for some time now, with Santander having trialled it among its own staff since the two started collaborating in 2016.
Ripple’s xCurrent plaform is likely an inspiration for One Pay FX, as it uses a distributed network intended to allow instant cross-border transactions.