BZ WBK launches blockchain foreign transfers

Lender BZ WBK, whose main shareholder is Santander, has launched its quick international payment service based on the blockchain technology. The pilot implementation includes both individual and business clients transferring funds to the UK. The bank is planning on allowing blockchain-based quick transfers also to Spain.

Banco Santander informed it is launching the new service in Poland, Spain, the UK and Brazil, the first bank to launch blockchain payments in several countries at once. Clients will receive funds on the same or the following day of the transfer, and will be informed of the exact value in local currency before the transfer is made.

“Blockchain gives us many opportunities to optimize our services, with Santander One Pay FX the first of many such applications,” head of Banco Santander Ana Botin said. The new service uses the xCurrent application based on the distributed ledger technology, developed by California-based Ripple, one of whose investors is InnoVntures VC fund, part of Santander.

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