Santander will launch the payment application on the basis of Ripple this week

Santander will launch the payment application on the basis of Ripple this week

Banking giant Santander Group is going to launch a payment app based on the blockchain this Friday.

As сообщаетFinancial Times, the app, called Pay One FX, will initially be available to customers of Santander in four countries – Spain, UK, Brazil and Poland.

Representatives of the Bank said that in coming months this service for a small business it is planned to introduce in other countries. Other financial institutions will also soon be able to use this service.

Built based on the technology of distributed registers, provided by the company Ripple, this app was in development for almost two years. Work on the project started in 2016, and for the first time the app has been tested in the Spanish division of the company. Banking group Santander is one of the first that starts the service of international transfers on the basis of the blockchain.

Recall that Santander through one of its venture companies InnoVentures, has previously invested $ 4 million in Ripple during a round And in 2015, when the startup managed to raise 32 million US dollars.

The app is based on the platform xCurrent from Ripple, a system of distributed registries designed for instant cross-border transfers. But xCurrent does not use cryptocurrency project – XRP.

According to the Financial Times, the new service may be of interest to half the retail consumer Santander.

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