Santander Will Launch a Blockchain For Cross-Border Foreign Exchange

Santander Blockchain RIpple

Santander will launch a blockchain for cross-border foreign exchange on April 13, built on Ripple’s distributed ledger, reported Coindesk.

Previously in March, Santander had announced that it was partnering with Ripple for a blockchain-based payment app.

Santander’s payment application called One Pay FX will be available for their customers in Spain, the U.K., Brazil and Poland.

The bank also expressed that it will introduce their service in other countries and that it will make the payment app available for other banking institution.

Santander has been working on this project for two years and it is one of the first banks to use the blockchain for cross-border foreign exchange.

In the beginning of March, Fleetcor Technologies is another company who decided to use one of Ripple’s platform for cross-border transactions.

 

 

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