Santander Group is expanding its use of Ripple

Santander Group is expanding its use of Ripple
Abstract

The Spanish bank Santander Group expands its use of ripple products. According to officials, the bank is building a "payment route" that allows Latin American customers to send money to the United States instantly and free using a mobile app called One Pay FX. This program uses Ripple xCurrent software.

23 6 19

The Spanish bank Santander Group expands its use of ripple products. According to officials, the bank is building a "payment route" that allows Latin American customers to send money to the United States instantly and free using a mobile app called One Pay FX. This program uses Ripple xCurrent software.


Currently only Spanish and British customers can send money to the United States using this app.

The bank has not announced the number and names of Latin American countries it intends to pay for the route, but Santander generally operates in Brazil, Uruguay, Chile and Mexico.

Like Santander's previous Distributed Office (DLT) efforts, XRP will not be used in this new service. In fact, XRP is a digital currency that Ripple sells periodically to fund and strengthen its other product, xRapid. Of course, xCurrent is capable of supporting any currency, including XRP, but it seems that only national currencies will be used in the system for now.

Santander launched One Pay FX last year in four countries - Spain, Britain, Brazil and Hungary - and more than half of its profits last year.

According to bank officials, the service is very attractive to customers.

Cedric Menager, CEO of One Pay FX, said:

Customers who have so far refused to make international money transfers are now more likely to use the service, and those who used to make international money transfers, or have such a plan, are more reluctant to do so.

Even customers who have switched to other financial instruments have turned to our bank to see how well the software works.


Menager added:


Unlike the SWIFT system that banks typically use for international transfers, One Pay FX operates promptly and free of charge and can alert the client of the instant exchange rate before sending the money.

Although Santander declined to disclose the exact amount of transactions executed through the program, they said their transaction volume had more than tripled between January and June.

One Pay FX CEO stated:

Developing this app for our Latin American customers means that they will now be online and offline, instead of completing their bank transfer process.

Unlike Swift's (SWIFT) system, which banks typically use for international transfers, One Pay FX operates promptly and free of charge, and can alert the client of instant currency exchange rates before sending money. Slow.

Although Santander declined to disclose the exact amount of transactions executed through the program, they said their transaction volume had more than tripled between January and June.

One Pay FX CEO stated:

Developing this app for our Latin American customers means that they will now be online and instant, rather than bank transfer process.

 

Menager also noted:


International payment experience in Latin American markets is less developed than in European markets. In some parts of the region, even an international payment is almost impossible.

This payment route is set to be launched nation-by-country, and the bank did not announce the exact start-up time in the first country.

The bank also plans to make use of the One Pay FX program for its US customers, but has not yet set a precise date for its launch. It will be much more difficult for the bank to launch the service in the United States because of its different laws.

Santander is also seeking to develop a separate product called Pago FX, aiming to attract more customers than competing banks. It is a product platform that also enables international payments to customers of other banks using xCurrent technology.

At the end of his talk, Menager noted:

International payments are a way of attracting customers who have had an unpleasant experience with traditional banks.

Santander is the largest bank in the eurozone and one of the largest banks in the world in terms of value.


Source: coindesk

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