BANCO SANTANDER ROLLS OUT BLOCKCHAIN-BASED PAYMENTS APPLICATION

Imagine a world where sending money across borders is as simple and instantaneous as sending a text message. The mobile application introduced by Banco Santander uses Blockchain technology and allows staff members to transfer funds between,000. Around 6,000 employees have been providedNo more exorbitant fees, no more agonizing waits.This vision is rapidly becoming a reality, thanks to innovative solutions like the blockchain-based payments application recently rolled out by Banco Santander. Santander is laying claim as the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously with the launch of One Pay FXThis isn't just another incremental upgrade; it's a fundamental shift in how we think about international money transfers. International payments made on the app reach their destination within one day, versus three to five days on average for traditional wire transfers. With the launch of the service, Santander will become the first bank to roll out a blockchain-based international payments service to retail customers in multiple countries simultaneously.The move positions Santander as a leader in the evolving landscape of financial technology, offering customers a faster, more transparent, and more cost-effective way to send money around the globe. Similarly, Barclays grew a partnership with tech company Safello in 2025 to explore how blockchain could be used to transform day-to-day banking practices, although Santander's new app represents the first time a blockchain-based international payments service has been rolled out in multiple countries simultaneously.Santander One Pay FX leverages the power of distributed ledger technology to overcome the traditional hurdles of cross-border payments, potentially setting a new standard for the industry.This groundbreaking initiative offers a glimpse into the future of banking, a future where technology empowers individuals and businesses with seamless financial solutions.But how exactly does this application work, and what impact will it have on the broader financial ecosystem? Ana Bot n, Executive Chairman of Banco Santander, said: One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally - offering value, transparency, and the trust and service customers expect from a bank like Santander. From today, customers in the UK can use One Pay to transferLet's delve deeper into this transformative technology.

The Dawn of Santander One Pay FX: A Blockchain Revolution in Banking

Banco Santander has officially launched Santander One Pay FX, a revolutionary service that is changing the landscape of international money transfers. The new service, known as Santander One Pay FX, makes it possible for customers to complete international transfers on the same day in many cases or by the next day. It is now available to retail customers in Spain, UK, Brazil and Poland, with the bank expecting roll the service out across more countries in [ hellip;]This application, powered by blockchain technology, allows retail customers to send money across borders with unprecedented speed and efficiency.Available initially in Spain, the UK, Brazil, and Poland, the service promises to expand to more countries in the near future. As an example, in April 2025, Banco Santander pioneered the market's initial blockchain-based payment transfer system. With Santander One s Pay FX, customers can now enjoy quicker and more efficient international fund transfers thanks to the integration of Ripple s xCurrent solution. Santander's use of blockchain has decreased the typicalThis broad rollout signifies Santander’s commitment to making international payments accessible and convenient for its global customer base. IBOS Banco Santander today announced the launch of a new international payments service, Santander One Pay FX, using blockchain-based technology across four countries. The new service makes it possible for customers to complete international money transfers on the same day (in most cases) or by the next day.Santander is essentially positioning itself at the forefront of banking innovation by embracing blockchain technology in such a widespread manner.

What makes One Pay FX so revolutionary?

The key differentiator of One Pay FX lies in its use of blockchain technology. Spanish bank Santander could be one of the first banks to roll out a retail payments system based on Ripple's blockchain technology Santander is looking to roll out a retail payments platform based on Ripple blockchain tech as early as this quarter. In an announcement in its latest earnings report wUnlike traditional wire transfers, which often involve multiple intermediaries and can take several days to complete, One Pay FX leverages the transparency and speed of blockchain to streamline the process.This results in:

• Faster Transfers: International payments made through One Pay FX typically reach their destination within one day, significantly faster than the average three to five days for traditional wire transfers.
• Increased Transparency: Blockchain provides a transparent and immutable record of transactions, allowing users to track their payments in real-time.
• Potential Cost Savings: By reducing the need for intermediaries, blockchain technology can potentially lower the fees associated with international money transfers.

How Santander One Pay FX Works: The Power of Blockchain

At its core, Santander One Pay FX utilizes a blockchain-based solution to facilitate international payments. The Circle Payments Network aims to address inefficiencies in cross-border payments, which often suffer from high fees averaging over 6% and settlement delays that can exceed 24 hours. ByWhile Santander has not explicitly confirmed using Ripple’s xCurrent solution, the speed and efficiency reported with One Pay FX strongly suggest that it leverages similar distributed ledger technology to streamline the payment process. The new service, known as 鈥楽antander One Pay FX鈥? makes it possible for customers to complete international transfers on the same day in many cases or by the next day. It is now available to retail customers in Spain, UK, Brazil and Poland, with the bank expecting roll the service out across more countries in [ ]Here's a simplified breakdown of how it likely works:

1. Initiation of Transfer: The customer initiates an international money transfer through the One Pay FX mobile application.
2. Blockchain Validation: The transaction is recorded on a secure and distributed ledger, which is validated by multiple nodes on the network.
3. Real-time Exchange: The system facilitates the real-time exchange of currencies between the sender's and recipient's accounts.
4. Swift Settlement: The funds are quickly and securely transferred to the recipient's account, typically within one business day.

This process eliminates the need for multiple intermediaries, reducing both the time and cost associated with traditional international money transfers.The inherent security and transparency of blockchain technology also add an extra layer of trust and accountability to the process.

The Impact on International Payments: Challenging the Status Quo

The introduction of Santander One Pay FX has the potential to disrupt the existing landscape of international payments.Traditional methods are often plagued by high fees, lengthy processing times, and a lack of transparency. European financial giant Banco Santander S.A. (), or the Santander Group, has become the first bank to use blockchain technology for the international transfer of customer funds.Santander One PayConsider these factors:

• High Fees: Traditional wire transfers can incur substantial fees, often averaging over 6% of the transaction amount.
• Slow Settlement Times: It can take several days for international payments to settle, causing delays and inconvenience for both senders and recipients.
• Lack of Transparency: It can be difficult to track the progress of a traditional wire transfer, leaving customers in the dark about the status of their funds.

By leveraging blockchain technology, Santander One Pay FX addresses these challenges, offering a more efficient, transparent, and cost-effective solution.This could potentially force other financial institutions to re-evaluate their international payment strategies and embrace new technologies to remain competitive.

Santander's Blockchain Journey: A History of Innovation

Banco Santander's foray into blockchain technology is not a recent development.The bank has been actively exploring and experimenting with distributed ledger technology for several years.In April 2025, for example, Banco Santander pioneered an early blockchain-based payment transfer system.These earlier initiatives demonstrate the bank's long-term commitment to exploring the potential of blockchain technology to transform various aspects of its operations.

Other Banks Exploring Blockchain

It's important to note that Santander isn't the only financial institution exploring the potential of blockchain.Other banks, such as Barclays, have also been investigating the technology's applications in various areas of banking.In 2025, Barclays partnered with tech company Safello to explore how blockchain could be used to transform day-to-day banking practices.However, Santander's One Pay FX represents a significant milestone as the first time a blockchain-based international payments service has been rolled out to retail customers in multiple countries simultaneously.

The Future of Blockchain in Banking: Beyond International Payments

While Santander One Pay FX is currently focused on international payments, the potential applications of blockchain technology in banking extend far beyond this single use case.Blockchain has the potential to revolutionize various aspects of the financial industry, including:

• Trade Finance: Streamlining and securing international trade transactions.
• Supply Chain Management: Enhancing transparency and traceability in supply chains.
• Identity Management: Creating secure and verifiable digital identities.
• Securities Trading: Improving efficiency and transparency in securities trading.

As blockchain technology matures and regulatory frameworks evolve, we can expect to see even more innovative applications emerge in the banking sector.The impact could be transformative, leading to greater efficiency, transparency, and security across the board.

Addressing Concerns and Questions: Is Blockchain Banking Safe?

The introduction of blockchain technology in banking inevitably raises questions about security, regulation, and adoption.It’s natural to have concerns, so let's address some of the most common ones:

Is blockchain technology secure?

Blockchain technology is inherently secure due to its decentralized and cryptographic nature.Transactions are recorded on a distributed ledger that is validated by multiple nodes, making it extremely difficult for hackers to tamper with the data.However, it's crucial to remember that the security of a blockchain-based application also depends on the implementation and the overall security measures in place.Santander, as a reputable financial institution, would have implemented robust security protocols to protect its One Pay FX service.

How is Santander One Pay FX regulated?

Santander One Pay FX is subject to the same regulatory requirements as any other financial service offered by the bank.This includes compliance with anti-money laundering (AML) regulations, know-your-customer (KYC) requirements, and data privacy laws.Santander works closely with regulatory authorities in each of the countries where One Pay FX is available to ensure compliance with all applicable laws and regulations.They adhere to established banking practices as well as working with blockchain's novel approaches to security to ensure the service remains safe for its users.

Will blockchain banking become mainstream?

The adoption of blockchain technology in banking is still in its early stages, but the potential benefits are significant.As more financial institutions explore and implement blockchain-based solutions, and as regulatory frameworks become clearer, we can expect to see wider adoption of this technology in the coming years. Santander's One Pay FX is a significant step in this direction, demonstrating the practical benefits of blockchain technology for retail customers.

Tips for Using Santander One Pay FX: Making the Most of Blockchain Payments

If you're considering using Santander One Pay FX for your international money transfers, here are a few tips to help you make the most of this innovative service:

• Download the App: Start by downloading the Santander One Pay FX app from your app store (if it is available in your region).
• Verify Availability: Ensure that One Pay FX is available for the specific countries you need to send and receive money from.
• Understand the Fees: While One Pay FX aims to reduce fees, it's always a good idea to understand the specific fees associated with each transaction.
• Keep Your Information Secure: As with any financial application, it's crucial to keep your login credentials and other personal information secure.Use strong passwords and enable two-factor authentication if available.
• Track Your Transfers: Use the app to track the progress of your transfers in real-time.This will give you peace of mind and ensure that your funds reach their destination on time.

By following these tips, you can take full advantage of the speed, transparency, and potential cost savings offered by Santander One Pay FX.

Circle Payments Network and the Future of Cross-Border Payments

It's also worth mentioning the Circle Payments Network, which aims to address inefficiencies in cross-border payments, which often suffer from high fees averaging over 6% and settlement delays that can exceed 24 hours.While not directly related to Santander's One Pay FX, the Circle Payments Network shares the same goal of making international payments faster, cheaper, and more efficient.This underscores the growing momentum behind the use of technology to revolutionize the way we send money across borders.

Conclusion: Santander's Blockchain Bet and the Future of Finance

Banco Santander's rollout of One Pay FX is more than just a new application; it's a bold statement about the future of finance.By embracing blockchain technology, Santander is positioning itself as a leader in the digital age, offering customers a faster, more transparent, and potentially more cost-effective way to send money around the globe.While challenges remain, such as regulatory uncertainty and the need for wider adoption, the potential benefits of blockchain technology for the banking industry are undeniable.Expect to see more companies venturing into blockchain based solutions to compete.Key takeaways include:

• Blockchain technology offers significant advantages for international payments, including faster processing times, increased transparency, and potential cost savings.
• Santander One Pay FX represents a significant milestone as the first blockchain-based international payments service rolled out to retail customers in multiple countries simultaneously.
• The adoption of blockchain technology in banking is still in its early stages, but the potential applications extend far beyond international payments.
• It's essential to address concerns about security, regulation, and adoption to ensure the responsible development and deployment of blockchain-based financial solutions.

As blockchain technology continues to evolve and mature, we can expect to see even more innovative applications emerge in the banking sector, transforming the way we manage and interact with our money.What are your thoughts on blockchain's role in the future of finance?Download the Santander One Pay FX app and experience the future of international payments for yourself (if available in your region)!