The news was announced in London during Santander Group's Investor Day
A press release published on the occasion of Santander Group's Investor Day, which took place in London on April 3rd, tells us that the bank wants to make more use of its experiences with blockchain technology. Poland will be one of three markets where the company will offer a new blockchain-based app for international money transfers.
Santander announced that the app, named Pago FX, will have its debut this year in Great Britain, Germany and Poland. It will be available for anyone, regardless of whether they are currently Santander customers or not. The app will be aimed towards individuals as well as small and medium enterprises, allowing international payments. It will be based on the One Pay FX app, which has been available since last year.
In April last year Santander (then still operating as BZ WBK) offered One Pay FX, prepared in cooperation with fintech company Ripple, for customers in Poland. It allows the user to make international transactions in close to real time, using blockchain technology, and is available for selected customers in Poland as well as Spain, Brazil and Great Britain.
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Ripple is a fintech company based in California, co-owned by Santander. The bank invested in the company in 2015 via InnoVentures, a 200 million dollar fintech venture capital fund owned by Santander.