IBOS member Banco Santander launches fintech to take on TransferWise, highlighted in the Financial Times

IBOS member Banco Santander has launched a standalone fintech, designed to take on money transfer businesses such as TransferWise.

This new fintech offers a free two-month service to attract customers, including those affected by the coronavirus.

Santander previously intended to launch a payments system using blockchain technology developed by Ripple, the US company that created the XRP cryptocurrency. However, two years ago,  it launched a blockchain-based service for existing Santander customers called One Pay FX.

Last year, Santander pledged to invest €20 billion in new technology between 2019 and 2022. The latest launch follows several other recent initiatives like the purchase of a majority stake in Ebury, a UK fintech, in November 2019.

Read the full article originally published in the Financial Times here.