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Santander Expands Payment App In Collaboration With Ripple
CONTENT

  • Banco Santander focuses on fast payment solutions with Ripple

  • One Pay FX app now available in 19 countries

  • Blockchain will make the payment solution faster, cheaper and more transparent

International consortium of news organizations, developing transparency standards.

Spanish bank Santander has expanded its One Pay FX cross-border payment application in partnership with Ripple, which can now be used in 19 countries..

Spanish commercial bank Banco Santander has teamed up with Ripple to improve and accelerate transparent cross-border payments. One Pay FX international payment platform powered by Ripple and supported by Santander has undergone massive update and expansion.

Collaboration with Ripple

Santander has expanded the list of countries whose citizens can use the bank’s payment application. One Pay FX is now available in 19 countries including the USA, Spain, Poland and Brazil.

"Banco Santander is the biggest bank in the eurozone by market capitalization.

Santander Expands Payment ...

And we have over 140 million customers around the world. The reason why we at Santander were interested in @Ripple enable to move quickly into his space was driven ultimately by the customer need" https://t.co/jmFyLFo83v pic.twitter.com/UAedmVfATP

– ༜ ༝&# 127298;&# 127299;&# 127300;&# 127280;&# 127297;&# 127299;&# 127303;&# 127297;&# 127295; (@XRP_stuart) July 9, 2020

After the update, One Pay FX can manage half of the bank’s international payments, according to Ana Botin, chief executive of the financial institution..

Santander Expands Payment ...

This application will continue to grow as it expands in other countries, Botin added..

One Pay FX CTO Ed Metzger notes:

We are working to expand the coverage of the One Pay FX app so that as many customer segments as possible can experience the benefits of faster, cheaper and more transparent international payments.

Customer alignment

Metzger emphasized that the application was developed and subsequently improved based on feedback from customers who advocated improving the process of implementing international payments. Problems faced by clients included changes in exchange rates, commissions, etc..

Traditional payment processes lack transparency and Santander has taken on the challenge of creating more efficient, faster and cheaper solutions.

We’ve partnered with Ripple to research how blockchain can make transactions faster, cheaper, and more transparent. Through collaboration with RippleNet, we have been able to build scalable relationships with other financial institutions around the world.

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Santander Expands Payment ...

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