Ripple Expands Partnership with Banking Giant.
The bank said it would use the RippleNet system in One Pay FX to provide instant transactions and strengthen some payments. One Pay FX is a collaborative collaboration between Banco Santander and Ripple, making it easy to make international payments on the same day. Offered in an application form, One Pay FX is designed for today’s business needs.Adopting blockchain-based payment solutions has helped the banking giant compete with new initiatives emerging in the Fintech area. This far-sighted approach also enabled Banco Santander to maintain its position in the market. Speaking of the latest partnership, One Pay FX Chief Technology Officer (CTO) Ed Metzger said:
“WE WANT TO LEAD THE UNIFICATION OF FINANCE AND TECHNOLOGY, BUT OUR INNOVATION HAS ALWAYS BEEN CUSTOMER-LED. CUSTOMERS TOLD US THAT THE INTERNATIONAL PAYMENT PROCESS COULD BE BETTER; SO WE PARTNERED WITH RIPPLE TO DISCOVER HOW IT CAN MAKE BLOCKCHAIN TRANSACTIONS FASTER, CHEAPER, AND TRANSPARENT. ”
Santander adopts Ripple blockchain technology for faster global payments
With the Internet revolution, businesses became global customers. As a result, there is a growing demand for faster cross-border payment systems than ever before. Currently Banco Santander provides global payment services to 140 million customers (retail and commercial) worldwide.
Based on customer feedback, Metzger said that overcoming the bank’s lack of payment clarity and transparency is one of the biggest challenges. Customers were not sure of the fees charged and how much money the buyer received. Santander planned to solve these special points while choosing Ripple as the ideal partner. Metzger also said:
“RIPPLE ALSO HELPS US ADDRESS THE SPEED ISSUE OF INTERNATIONAL TRANSACTIONS. SOME PAYMENTS TO ONE PAY FX NOW TAKE PLACE INSTANTLY. I RECENTLY PAID FROM AN ACCOUNT IN SPAIN TO AN ACCOUNT IN THE UK AND RECEIVED NOTIFICATIONS FROM BOTH ACCOUNTS THAT THE TRANSACTION WAS TAKING PLACE WITHIN SECONDS. ”
Ripple and Banco Santander launched the One Pay FX application in 2018 and saw a significant change in customer behavior. Cheap transaction costs and speed have attracted more customers in the past two years. With this new partnership, Santander predicts healthier growth.It competes with other businesses such as Banco Santander, Transferwise, TransferGo and UK referral company Xendpay.