Santander bank UK, one of the largest banks in the world has launched an international money transfer app called OnePay FX, which uses Ripple’s distributed ledger technology. Santander OnePay FX can be used by Santander customers, who have a Santander debit card.
Nathan Bostock, Santander UK CEO said:
“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”
The bank stated:
“We expect to be one of the first global banks to roll out Distributed Ledger Technology based payments for individuals”
This facilitates transparency on foreign exchange rates and bank fees before starting a transaction.
This Ripple-powered mobile app enables same-day international payments in ‘3 clicks and 40 seconds’. After downloading the app, users are required to fill in their profile details. The payments are confirmed using Touch ID, once the app connects to Apple Pay.
OnePay FX allows users to transfer between £10 and £10,000, from Britsh Pound [GBP] to Euro [EUR] and US Dollar [USD]. While USD payments can be made to the USA only, EUR can be transferred to 19 eurozone countries, currently.
OnePay FX also allows the user to transfer money to individuals rather than companies, and store the payment details, making future payments easier. In addition to using the latest exchange rates, the user can view the final amount received before completing the transaction.
Ivan Mc Callum, a crypto enthusiast, and an XRP trader says:
“The interface looks user-friendly. The fact that you can see the latest exchange rates and view the final amount that will be trasfered before transaction, increases its credibility. I am excited to give it a try”.
Using blockchain technology for money transfer not only ensures fast and accurate transfer of money and data but also improves protection from fraudulent activities.