Santander Bank Looks To Expand Its XRP-Based One Pay FX Solution To New Geographies
Spain's Banco Santander is planning to expand the existing implementation of its XRP-based One Pay FX solution to more markets including Asia, South America, and new European countries.
Spain’s Banco Santander is planning to expand the existing implementation of its XRP-based One Pay FX solution to more markets, touting that its use of Ripple’s blockchain technology has had a significant impact on its service delivery and “improved customer’s lives.”
The new markets include Asia, South America, and more European countries. One Pay FX is currently available in Brazil, Spain, United Kingdom and Poland.
Santander to expand its services into the European and South American markets
First launched earlier this year, Santander’s One Pay FX solution allows Santander to better service its clients:
““One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally – offering value, transparency, and the trust and service customers expect from a bank like Santander.”
Speaking at Ripple’s Swell conference, Ed Metzger, the Chief Technology Officer of the bank’s One Pay FX solution said that their partnership with Ripple has helped it address common issues encountered in the cross-border payments industry.
Santander currently offers the Ripple-powered One Pay FX service to customers in Spain, Poland, the UK, and Brazil, and plans on expanding into European, Asian and South American markets, as well as implement the XRP token as its preferred payment settlement option.
Metzger said that the current trends in the payments space would likely see inevitable collaborations between companies, something the bank and Ripple were already doing via the One Pay FX product:
“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.”
Santander to Use RippleNet to Expand One Pay FX
Ripple and Banco Santander signed a partnership agreement earlier this year, a move that was lauded as a game changer for the crypto platform.
The nature of their collaboration was kept under wraps, with the crypto community left to speculate how exactly the bank plans to integrate RippleNet, but reports later emerged that Santander was carrying out pilot tests on its payment app using the technology.
The banking giant has since reported that initial tests have been positive, and form the basis for further cooperation between the bank and the San Francisco-based blockchain company.
Ripple would allow the bank’s payment platform to leverage the speed, transparency, and certainty of crypto; all significant improvements on what legacy banking offers.
According to One Pay FX chief technology officer, transparency was a big concern for its users, and if a service offers that, then it helps develop trust in payments. He added that as a customer:
“I need to know where my money is going and how. If a service tells me how much the entire process is going to cost me, they will win my trust. That is what we are trying to do with Ripple.”
Banco Santander’s One Pay FX is currently available in selected countries, including Spain, the U.K, Poland and Brazil. However, with over 140 million users so far satisfied with its services, the bank wants to expand the service into other European countries, as well as Latin America and in Asia.
Santander will use Ripple’s XRP token to facilitate payment transfers, and will reportedly offer customers a digital wallet and a financial manager.
These efforts should see the bank offer users cheaper and nearly instantaneous transactions.
It is possible that RippleNet and One Pay FX could be the key to opening up further adoption of the XRP token in new markets, particularly Japan, where the coin is quickly becoming the digital asset of choice.
Prior to the Swell conference, Ripple revealed that three payment providers would be utilizing its xRapid solution.
While some critics are disappointed that the initial three companies involved are relatively small, many believe that 2019 will more top providers adopt the framework.
Ripple’s relentless pursuit of adoption efforts through partnerships should instill investor confidence and lead to broader adoption of XRP.
Banco Santander is the world’s 9th largest bank and the top-ranked Eurozone bank in the Global brand ranking for 2018. It, therefore, adds up that using XRP will be a powerful statement to the rest of the banking community.