Spanish multinational banking giant Banco Santander plans to extend its One Pay FX international payment system to another 19 countries with RippleNet.
RippleNet will be used to “instantly execute certain payments” of One Pay FX, developed jointly by Santander and Ripple. Partnership with Ripple will allow the bank to accelerate international payments and attract new customers even more, and the blockchain helps Santander to compete with fast-growing fintech startups.
“We want to be at the forefront of financial technology, but at the same time, our innovations are always aimed at customer convenience. It was the users who asked us to improve the system of international payments and therefore we work with Ripple. We’re exploring how blockchain can make transactions faster, cheaper and more transparent, ”said Ed Metzger, One Pay FX Technical Director.
Santander now has more than 140 million customers worldwide and, according to Metzger, one of the main problems in international payment systems is the lack of transparency. Often, customers cannot understand what fees they will be withheld, and how much money will come to the recipient. And, according to Metzger, to solve these problems, Ripple is an ideal option.
“Ripple has already helped us accelerate international transactions. Some payments at One Pay FX are now instantly taking place, ”said One Pay FX CTO.
In addition, Santander Executive Chairman Ana Botin previously stated that Ripple has no competitors in the area of international payments.
