Santander Bank is continuing to adapt the Ripple-based App One Pay FX
According to Crypto News Flash, Ripple and Banco Santander have been working together for several years. Santander has been trying to use blockchain since 2018 and has innovated the new technology from the very beginning. The One Pay FX app has been developed in collaboration with Ripple and is currently expanding its use. Santander Bank is continuing to refine One Pay FX, its Ripplex app, to provide real-time, low-cost cross-border payments. Santander is Europe’s biggest bank by market capitalisation, with operations in more than 140 countries.
Customers continued to criticize the lack
of transparency as to when the payment arrived at the recipient, usually it
took 3 to 5 days, far too long. Families in financially weak regions depend on
the payments to survive. By using One Pay FX, Santander can now even process
cross-border payments in real-time. Metzger explained:
Some payments on One Pay FX now happen
instantly. I made a payment recently from an account I have in Spain to one in
the UK and received text alerts about the transaction from both accounts within
seconds of one another.
As One Pay FX Chief Technology Officer
(CTO) Ed Metzger stated, the bank’s customers never knew what the exchange rate
would be or what the fees for transfers will be:
Customers told us that they never knew how much money was going to get to their recipient because it was never clear what the exchange rate would be or what fees would be charged.
Ripple explains in a new article that the
development of the app is financed by the innovation fund “InnoVentures”, which
was founded in 2014. The bank’s customers are increasingly asking for
alternative solutions to traditional online banking in order to be able to
process transactions at transparent prices and in real time.
The App One Pay FX was recently launched in
the UK, Poland, Brazil and Spain. Metzger describes how the app is attracting
new customers who would otherwise have had to resort to other expensive
remittance services to make real-time international transactions. Today, One
Pay FX is available in over 19 countries worldwide, including the United
States, Chile and Portugal.
Ana Botín, CEO of Santander Bank, states
that more than 50% of the total transaction volume is now processed via the App
One Pay FX and that the expansion is to be continued:
Being part of RippleNet has helped us to
forge sustainable and scalable relationships with other financial institutions
around the world. By offering more customers a better way of sending money
abroad, we’re achieving our goal of helping people and companies prosper.
Banco Santander is the largest bank in the
euro zone and serves customers in more than 140 countries worldwide, making it
one of the largest banks in the world. The connection to RippleNet has helped
Santander to expand its own partner network and to make new contacts with other
giants of the financial industry. Santander has also seen a strong increase in
the number of existing customers switching to One Pay FX.
Author : Collin Brown