Satander’s Partnership With Ripple to Expand Usage of Ripple Payments Platform

Banco Satander which is among the biggest banks worldwide, partnered with Ripple to facilitate certainty and speed for international payments.

The bank has been investing in digital technologies to enhance payments. It offers global payments to its 140 million retail and commercial customers worldwide. However, its customers were complaining regarding the lack of clarity and transparency in the traditional process of global payments.

Hence, this prompted the bank to look out for an existing opportunity to overcome these challenges and it eventually turned to blockchain technology. In 2018, Santander adopted Ripple’s xCurrent to develop an app known as One Pay FX and what Ripple called the first mobile application for international payments powered by blockchain technology.

According to Santander Group’s executive chairman Ana Botín, the app can cover half of the bank’s yearly global transfers. The bank’s customers across Europe have access to same day, cross-border payments, as against the three to five days it traditionally takes to send money globally.

The bank released the app in the United Kingdom, Poland, Brazil and Spain. Users enjoyed cheaper transaction fees and faster settlement speeds as well as improved transparency around every payment generated. As of now, One Pay FX is enjoyed by users in 19 countries including the United States, Chile and Portugal.

According to the Chief Technology Officer of One Pay FX, Ed Metzger, Ripple helps us directly address the issues raised by our customers… Ripple also helps us address the speed issue of international transactions. Some payments on One Pay FX now happen instantly. 

Metzger noted that Santander’s partnership with Ripple is critical because the success achieved so far makes them confident to do better, move forward, and even faster. He noted that it goes beyond the technology but joining RippleNet helped them come up with sound relationships with other financial institutions worldwide. 

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