This is a continuation of their app, One Pay FX. The bank launched the app for its customers back in 2018, and now they report that customers can send money to 19 countries including the US.
During their event in London called “Investor Day” the company revealed that it would soon launch a new standalone version of the platform that’s called Pago FX.
This new app will be targeting the unbanked, and it will allow people to send money around the world instantly even if they are not customers at Santander bank.
Pago FX is also designed to power payments for small/medium enterprises. Whereas the senior subsidiary (One Pay FX) involves individuals who need to transfer money converted into its chosen currency in the Eurozone & US. The app (Pago FX) will reportedly be launched shortly in the UK, Poland, and Germany.
In January 2019, Santander executive chair Ana Botin addressed the benefits of One Pay FX which is powered by Ripple’s xCurrent.
“You can do FX transfers, real-time, between the UK and continental Europe. And you can actually do Poland, Brazil, and Chile – through Santander – for the same cost as Transferwise…And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing,” she said.
She also made sure to highlight the fact that One Pay FX is powering more than 50% of Santander Group’s FX payments.