LONDON—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, AMB Crypto reported.
“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,” said Nathan Bostock, Santander UK CEO. “We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals”
The Ripple-powered mobile app enables same-day international payments in “3 clicks and 40 seconds.” The banks stated. 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 British Pound to Euro and U.S. Dollar. While USD payments can be made to the U.S. only, EUR can be transferred to 19 eurozone countries, currently, AMB Crypto reported.
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.