Banking Group Santander has introduced a blockchain application for cross-border payments, based on xCurrent, a technology developed by Ripple. Banco Santander
The application called One Pay FX will be available this week for Banco Santander’s customers from Spain, the UK, Brazil, and Poland.
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The development of the new product lasted about two years. As early as 2015, Santander through its venture division InnoVentures financed Ripple for $4 million. Then, during the Serie A, the company managed to attract a total of $32 million of investments.
Note that the xCurrent solution does not use XRP, which is the native currency of the blockchain-protocol from Ripple. At the same time, the Financial Times notes, the new solution can take almost half of the payments made by Santander retail customers in the countries listed above.