Santander One Pay FX, the international payments solution, has been growing its overall transaction volume since it launched in April 2018. To date, One Pay FX has reached €450 million in total international transaction volume across six countries from Europe and the Americas.

Created exclusively for Santander customers, One Pay FX has been addressing the digital and mobile needs of the bank’s customers in a rapidly evolving international money transfer market. The service allows them to transfer money abroad in a fast (it can be instant many times), simple and transparent way through competitive rates and outstanding customer service that the global bank is known for.

A customer-obsessed solution

The origin story of One Pay FX is simply based on what Santander customers need as it focuses on the customer as an obsession. The team went on a search to develop a new digital payments solution for Santander customers; but this time, one that is created with the security and trust of a global bank. 

Banco Santander gives importance to empathy for its customers, keeping in mind that the easiest place to make a payment is from one’s bank account. Thus, One Pay FX was developed to be a truly transparent and convenient payments solution.

The Story of One Pay FX

Lindsey Argalas, Santander’s Chief Digital & Innovation Officer, said: “It shows that if we look to our tech competitors for inspiration around what they do well and we really understand our customers in terms of their pain points, we can identify better ways of improving that customer experience and this combination of seeking inspiration from the outside and applying our strengths gives us a very compelling service.”

To that effect, Banco Santander established a central team with a mission to learn from experiences and challenges in international transfers of different countries, to exchange digital knowledge and to apply the bank’s international expertise in security and transparency. 

In April 2018, it launched in four Santander countries such as Spain, UK, Brazil and Poland. The payment solution then continued its expansion through market launches in Chile and Portugal in 2019. In Latin America, One Pay FX has contributed to the region’s rapid digital growth, allowing customers in some of the bank’s core markets to make transfers digitally for the first time

One Pay FX’s role is to ensure that it truly solves problems in each geography. Thus, having presence in different countries has allowed Banco Santander to dive into the nuances of diverse local cultures. 

As a result of evolving lifestyles and trends such as increasing globalisation, a growing affluent diaspora remitting money home, non-domestic home ownerships, among many others, the international transfer market is expected to grow yearly by 7.5% to approximately $135 billion in revenues by 20221. And with mobile platforms accounting for 41% of international digital money transfers by volume in 2024 (from 33% in 2019)2, Banco Santander wants to ensure that it genuinely addresses the needs of its customers through One Pay FX.

Banco Santander’s long-term goal is to offer One Pay FX to all individual clients in some countries where it is present (Spain, UK, Brazil, Poland, Chile, Mexico, Portugal, Argentina, Uruguay and the US). It is also aware that, in order to be successful in a digital environment, it needs to constantly look at how to improve the customer experience.

1. BCG Global payments / market trends
2. Juniper Research

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