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Santander uses blockchain for international transfers

“Spanish bank Banco Santander has launched “Santander One Pay FX,” a new international transfer service using blockchain-based technology” writes Lea Nonninger for businessinsider.com. Fintechs like UK-based TransferWise have been focusing on making international transfers more transparent and cheaper than incumbent banks, which are known for often charging hidden fees.However, with Santander launching such a service itself, these fintechs are now getting a new, quite fierce, competitor.Santander claims to be the first incumbent bank to launch such a service, making it a new direct competitor for many fintechs.Santander executive chairman Ana Botín even referenced rival services when discussing her encouragement for the project, according to the FT, further suggesting that fintechs are triggering innovation at incumbent banks.
 
Source: businessinsider.com



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