The banking group plans to become the first retail bank in the world that allows cross-border payments of cryptocurrencies via the blockchain technology. OnePay FX app allows cross-border payments for Santander’s customers and enables users to view the precise amount that gets transferred based on the current exchange rate.
xCurrent business software is employed by this service, and it’s made and designed for banks. It enables banks to receive and transfer payments all over the world. It’s also important to note that xCurrent encrypts end-to-end tracking of messages and it’s also bi-directional.
Santander works to execute its software to companies, and it makes use of the blockchain technology to gain about 50% of the payments that are made via foreign exchange. After the service gets launched worldwide, there will also be more development functions including instant transfers.
United Kingdom-based customers would be able to use the OnePay FX app in order to transfer money to European countries and the US as well. In Spain, customers would be able to make transfers to the first four countries that we mentioned above and to the US.
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