The multinational bank Banco Santander of Spain has decided to expand its global payments services to further 19 countries. Based on the customers’ demand and growth, the bank will employ blockchain technology to offer clients a safe, cheap, and transparent way of cross-border payments with the help of blockchain firm Ripple.
Payment App: One Pay FX
Payment solution app One Pay FX launched in 2018 by the joint collaboration of Ripple and Banco Santander to provide faster and cheaper payments. Banco Santander will use the cross-border solution of Ripple called RippleNet. For the instant processing of payments, RippleNet is employed.
As the banking giant is using the latest technology in the form of blockchain, it can make a great share in the Fintech market and growth is ultimate. Ed Metzger, the chief technology officer at One Pay FX 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.”
Since the globalization and the emergence of online markets, the demand for cross-border payments has been increased ten-fold. In traditional banking, people will have to wait a long as well as they are paying high fees. This need can be overcome by banking institutions who have the courage to take one step ahead and grab decentralized technology because it is more transparent and secure. According to the customers’ feedback, speed is the major issue out of all.
“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.”
Since the time of its launch by Ripple and Banco Santander, One Pay FX has attracted a lot of customers due to its transparency and cheaper rates.