ONE PAY FX Qorus Banking Innovation Awards 2018 - Winner

1. Concept and objectives Spain, UK, Brazil and Poland, so far, offer customers different instant payment options, depending on the market, at very competitive rates in comparison with top performers like TransferWise and Revolut. With ONE PAY FX, Customers in Spain, for example, are able to send dollars to USA (next day) and pounds to UK (in seconds, for intragroup transactions and same day for rest of the banks ). Customers in the UK will be able to send euros to 21 countries and dollars to USA, and from Brazil and Poland, pounds can be sent to the UK and, very soon, euros to Spain. The new service uses xCurrent, a technology based on distributed ledgers owned by California-based Ripple. InnoVentures, Santander’s $200 million fintech venture capital fund, invested in Ripple in 2015. In total the fund has made over 20 investments in a range of financial technology startups focused on artificial intelligence, big data, blockchain, payments, financial advisory, SME and automobile finance or mortgages. The main aim is to extend this service to new corridors, currencies, segments and channels in the next few months. Marketing Campaign: https://www.youtube.com/watch?v=1w7jvZ6fMwI 2. Reasons behind Be top competitor in international transfers globally, beginning with key Santander geographies. Exploit transactional capability of Santander’s footprint. 3. State of competition Transferwise is the leading competitor. 4. Sources of inspiration Blockchain Technology; Santander’s Footprint; Voice of Customer 5. Departments involved Innovation; Technology & Operations; International Payments 6. Main results so far For the individuals segment: >40% USA/UK corridor FX transactions are being processed through this new service for retail/individuals segment.