Ripple and Banco Santander have been working together for several years. Santander has been experimenting with the use of blockchain since 2018 and has been innovating with this new technology from the start. In cooperation with Ripple, the One Pay FX App has been developed and its use is now extended.
Ripple explains in a new article that the development of the application is financed by the innovation fund "InnoVentures", founded in 2014. Bank customers are increasingly asking for alternative solutions to traditional online banking in order to ability to process transactions at transparent prices and in real time.
As Ed Metzger, CTO of One Pay FX, said, bank customers never knew what the exchange rate would be or what the transfer fee would be:
Customers have told us that they never know how much money the recipient will receive because it is never clear what the exchange rate will be or what fees will be charged.
Customers demand more transparency
Customers have continued to criticize the lack of transparency as to when the payment has reached the addressee, usually it would take 3 to 5 days too long. Families in financially weak regions depend on payments to survive. Using One Pay FX, Santander can now even process cross-border payments in real time. Metzger explained:
Some payments on One Pay FX are now made instantly. I recently made a payment from an account I have in Spain to one in the United Kingdom and I received text alerts on the transaction of the two accounts in a few seconds.
The One Pay FX App was recently launched in the UK, Poland, Brazil and Spain. Metzger describes how the app attracts new customers who would otherwise have had to use other expensive payment services to make international transactions in real time. Today, One Pay FX is available in more than 19 countries around the world, including the United States, Chile and Portugal.
Ana Botin, CEO of Santander Bank, says that more than 50% of the total transaction volume is now processed via the One Pay FX App and that the expansion must continue:
Being part of RippleNet has helped us forge lasting and evolving relationships with other financial institutions around the world. By providing more customers with a better way to send money overseas, we are achieving our goal of helping people and businesses thrive.
Banco Santander is the largest bank in the euro area and serves customers in more than 140 countries around the world, making it one of the largest banks in the world. Connecting to RippleNet has helped Santander expand its own network of partners and make new contacts with other giants of the financial industry. Santander has also seen a large increase in the number of existing customers switching to One Pay FX.
