Banco Santander launches blockchain remittance service
Banco Santander reported on the liquidation of its remittance company incorporated in 1994 and established a blockchain service
The remittance company started operations in 1994 as Latinoenvíos and was renamed in 2009 as Santander Envíos. Now it has been completely eliminated to launch an operational service called One Pay which operates with the ripple blockchain.
The closure is replaced by the provision of the same remittance service through solutions such as One Pay, the first product designed under blockchain technology that was commercially opened by a bank on a global scale in 2018.
Santander’s remittance consortium facilitated money transfers to more than 25 countries in the Americas, Africa and Europe. It received support, in some cases, from national banks and other correspondent entities in the different countries receiving the remittances.
The company received a significant boost when it allowed bank drafts to be made from any ATM in the 4B network. That decision opened almost 12,400 ATMs to customers and allowed money transfers in a broad schedule.
Now, Santander has strengthened the market with One Pay FX, a solution that allows money to be sent to the destination quickly. Based on blockchain technology, it was launched almost at the same time in Spain, the United Kingdom, Brazil and Poland. In the same way, it is intended to open to other markets.
The project was a success and that led the bank to make the decision to liquidate Latinoenvíos, which closure was formalized on December 19th, according to information from the Mercantile Registry.
L.Sáenz
Source: DiarioBitcoin
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