Santander recently released One Pay FX — the first mobile application for international payments powered by blockchain technology. Millions of Santander’s customers in Europe now have access to same day, cross-border payments, a critical improvement from the three to five days it traditionally takes to send money internationally.
But the success of this app is not just about the transparency, faster speed and lower costs the service offers. It’s about the fluid, easy customer experience for mobile users. It’s what consumers require and expect in today’s market — whether it’s sending a secure message to a friend, hailing a rideshare or sending money across borders.
In the world of cross-border payments, providing this type of seamless digital experience isn’t as easy as it looks. Many financial institutions have invested large amounts of money into legacy banking systems that make integrating new technology and improving agility difficult. The digital infrastructure required to support better consumer experiences, especially for mobile users, simply doesn’t exist or is severely bogged down by legacy technology investments.
That’s why the deployment Santander’s One Pay FX is so revolutionary. It required technological innovation in the front, middle and back offices — a shift driven by an unwavering commitment to its customers.
With its mobile-first UI and blockchain infrastructure, the One Pay FX app offers remittance customers several new features: 1) the total cost of sending their payment, including bank fees and foreign exchange rates 2) a delivery time quote for improved transparency 3) and a receipt of payment for complete certainty.
Ana Botín, Santander Group’s executive chairman said that now 50% of the bank’s annual international transfers are carried by the Ripple-powered blockchain. Santander plans to roll out the One Pay FX service to nearly two dozen more countries in the near future — further increasing its utility and value for customers.