Companies

Inside Santander’s plans to digitize money

“Many banks focus their blockchain efforts on post-trade processing or bank-to-bank payments, but Santander is working on tokenizing payments for retail customers. The Spanish banking giant’s U.K. arm recently launched One Pay FX, a mobile payments service for its U.K. debit card holders that want to send payments to people in Euro Zone countries and the U.S. It’s the first market-ready product built on blockchain technology, Ripple’s xCurrent protocol, for retail customers. It had been running as a pilot for employees for the last 18 months.