Spanish banking group Banco Santander has introduced a new international money transfer service called Santander One Pay FX, which is powered by blockchain technology.

The new service will leverage Ripple’s enterprise software solution xCurrent, enabling users to make transfers on the same day or by the next day.

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It will also display the exact amount that will be received in the destination currency prior to the transfer.

The service will be eventually upgraded with the addition of more features such as provision of instant international payments in various markets before mid-2018.

The new service has been currently launched in Spain, UK, Brazil and Poland currently. The company plans to launch it in other markets soon.

Banco Santander executive chairman Ana Botin said: “One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally – offering value, transparency, and the trust and service customers expect from a bank like Santander.

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“From today, customers in the UK can use One Pay to transfer money across Europe and to the US. In Spain, customers can transfer to UK and US, while customers in Brazil and Poland can transfer to the UK. Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”