For now, the new solution will allow customers to transfer money to Great Britain
Spain's Santander, which also owns the Polish bank BZ WBK, has announced a commercial implementation of a service developed by Ripple for customers in Spain, Great Britain, Brazil and Poland. The Ripple solution uses blockchain technology and allows for international money transfers almost in real time.
The Spanish bank says that as part of the new service its companies in the four countries will offer customers various payment options. Customers from Spain, for example, will be able to transfer money to the United States and Great Britain. Customers from Great Britain will be able to send euros to 21 countries and dollars to the USA, while people in Brazil and Poland will be able to send pounds to Great Britain.
BZ WBK's press announcement states that the new blockchain-based transfer service is available for the bank's individual and business customers. The transfers can be made via the bank's online transaction system. The service will soon include transfers from Great Britain to Poland and from Poland to Spain. Santander states that it will expand the service to other markets before the summer holidays.
BZ WBK adds that the new solution uses the xCurrent app, which is based on the distributed ledgers technology and developed by California-based Ripple. InnoVentures, a Santander-owned 200 million dollar venture capital fund focused on the fintech industry, invested in Ripple in 2015.