Spain’s multinational banking group Banco Santander is working in collaboration with Ripple, which is a blockchain startup, to expand its business across the border. The main aim of this global footprint is to expand One Pay FX international payments to more than 19 countries. It plans to use innovative ideas and solutions that provide cheap and secure banking services to its customers.
This partnership will not only help Banco but also Ripple as it will spread Ripple Net, which is Ripple’s blockchain-based cross- border operation.
The lender stated that it will use the RippleNet system to power ‘some payments’ on One Pay FX for instant processing.
One Pay FX is available in the form of an app and built according to present business needs. It is a joint collaboration between Banco Santander and Ripple that would help to settle the international payments within one day.
Talking about this recent partnership, One Pay FX Chief Technology Officer Ed Metzger said:
We want to be at the forefront of the merging of finance and technology, but our innovation is always customer-led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.
Overcoming transparency issues with Ripple
In today’s fast-growing world, there has been seen an increasing demand for secure and fast cross-border payment systems. But with technology, there also have been issues of transparency and Banco deals with them efficiently.
Santander decided to solve these specific pain points by selecting Ripple as its ideal partner as Metzger said ;
Ripple also helps us address the speed issue of international transactions. Some payments on One Pay FX now happen instantly. I made a payment recently from an account I have in Spain to one in the UK and received text alerts about the transaction from both accounts within seconds of one another.