Mindful of the benefits that blockchain technology can bring to the security and speed of payments, we created One Pay FX, the first blockchain-based international transfer service in Spain, the United Kingdom, Brazil and Poland.
The financial sector is making progress as new technologies evolve. More and more banks are taking part in developing blockchain technology. Santander is constantly seeking innovative solutions to meet the needs of millions of users. And one of these solutions is to integrate this technology into transfers from our platforms in order to improve their speed.
“One Pay FX is our commitment to make quick, simple and secure international transfers that deliver value, transparency and trust to the bank’s customers.” These were the words of our Group executive chairman Ana Botín when we became the first bank in the world to offer blockchain-based international transfers between individual customers and in different countries simultaneously.
Transfers made using this application are carried out securely, as they are registered on the Ethereum blockchain network. Changes may not be made to information on transactions already registered on this network, since it only allows new records to be added.
Such is the innovative nature of One Pay FX that it received the Silver Award in the Distribution & Marketing Innovation Awards 2018 run by Accenture and Efma.
But the progress made in this technology does not end there. As Ana Botín has stated: “Blockchain offers great opportunities for improving the services we provide to our customers. The launch of Santander One Pay FX is the first of many functionalities offered by this technology.”
We should not forget that we are a bank that looks to the future, which is why we want to bet on technologies that help us improve the services we provide to our customers. And blockchain is such technology, as it means security, speed and transparency: basic needs of any bank.