Banco Santander Announces Using RippleNet To Expand Its International Payments

[G.Belaci]

Banco Santander, the Spanish multinational banking giant is looking to expand its international payments solutions One Pay FX to 19 more countries around the globe. Launched in 2018, One Pay FX is a cross-border payments app and is popular for same-day international payment settlements.

The One Pay FX platform uses Ripple’s blockchain-based RippleNet payments solution for instant processing and payment settlements. Ana Botin, the executive chairman at Banco Santander said that it has initially deployed the payment solution in United Kingdom, Brazil, Poland, and Spain.

One Pay FX Chief Technology Officer Ed Metzger said that being part of the RippleNet payment ecosystem has helped the platform to develop sustainable relationships with financial institutions from around the world.

During the official announcement on Thursday, July 09, Metzger said: “Ripple helps us address some of those pain points that we have seen in the past with some of our customers, and that’s around being able to generate that certainty and that transparency along the transaction so that we can show that to our customers. When they’re making their payment, they can see how much is going to arrive, and they’ve got that certainty about the timing as well.”

Having tasted success for its remittance services between the U.S. and Mexico, last week Ripple announced that it will expand its remittance corridors to APAC region.

On the other hand, using RippleNet for its global services will allow Banco Santander to defend its position against a growing number of FinTech startups like TansferWise and TransferGo.

Speaking about their strong partnership with Ripple, Metzger said: “We want to be at the forefront of the merging of finance and technology. But our innovation is always customer led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.”

He further added: “We’re looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper and more transparent international payments. The partnership with Ripple is key because our success so far gives us the confidence to move ahead even faster. It’s not just the technology. 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.”

Source: WorldCoinIndex