Bank Santander became the first International Bank to launch a cross border payment system built on the adoption of Blockchain. The services they call the One Pay FX will be available to bank customers in Spain, Britain, Brazil and Poland.
In an interview quoted in the Financial Times, executive chairman of Bank Santander, Ana Botin said that their side aims to create a Blockchain based independent payment platform, which can be used by clients in other banks.
Botin said that Santander Bank is very interested in continuing to drive the Blockchain adoption project over the next two years. Bank Santander also plans to expand its services to more countries and types of customers in the coming months.
One Pay FX is made with California-based Ripple ledger technology. This platform allows users to see the amount of money when it arrives at the destination before the transfer is made. In addition, the platform is able to shorten the length of time normally required for cross-country transfers. If international transfers usually take a few days, then One Pay FX allows transfer within a few hours. Even for the future, has planned an instant transfer after the platform is able to run with more perfect. The One Pay FX refinement process is targeted for completion in the summer.
Botin said proudly that, "Blockchain technology offers tremendous opportunities to improve the services we offer to customers.The launch of Santander One Pay FX is the first of many potential applications."
Crypto Market Cheering
After the news about the adoption of Blockchain from one of the leading International Bank like Bank Santander, crypto market gave a very positive reaction. Almost all crypto currency is up between 10% to 30%.
Bitcoin (BTC) rose 17.97% above the $ 8,000 level. While Ethereum (ETH), the second largest crypto currency by market capitalization, increased 20.89%. Earlier this week (April 16), the crypto currency has climbed above the psychological level of $ 500, despite already showing signs of a correction. Ripple (XRP), as the Blockchain base used for the One Pay FX platform, of course, posted the biggest profit, 25.95% to $ 0.645. When this news is written, XRP / USD is still at a high level of $ 0.653.
