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Spanish Megabank Santander Group Plans Further Ripple Implementation

19 August 2019 16:20, UTC
Spanish Megabank Santander Group Plans Further Ripple Implementation

Santander Group bank is creating a new “payment corridor” that would allow customers in Latin America to instantly send money to the USA through the One Pay FX mobile application using Ripple xCurrent software.

Currently, only customers from the UK and Spain can send money to the USA using the One Pay FX system. The bank has not reported yet which Latin American countries it plans to connect, but at the moment it provides service in Brazil, Uruguay, Chile and Mexico.

It is worth mentioning that the new payment platform will not use XRP, which Ripple periodically sells to finance operations and which powers a separate product, xRapid. Last year, Santander introduced One Pay FX in four countries: Spain, UK, Brazil and Poland.

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,”
said Cedric MENAGER, CEO of One Pay FX.

Although Santander did not disclose the volumes of its One Pay FX transactions, the bank claimed that these volumes tripled from January to June 2019, while volumes in Spain grew by 120% year-on-year in April.

Image courtesy of Pymnts

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