Banking Giant Santander to Expand Ripple Payment Platform in Six New Corridors, not use XRP

By Congecko News On Nov 17, 2019

Santander, a banking massive of Spanish, reported that the company would shortly broaden its use of Ripple’s cross-border payment platform.

Using Ripple in 6 New Corridors

In a current convention held by the Institute of World and European Affairs, John Whelan, managing director of digital funding banking at Santander, spoke of the company’s attempts in blockchain technology.

He claimed that Santander would present its Ripple-based payment platform called One Pay FX to all 10 of its significant corridors in time proximity. It also was revealed that the company is already using “a blockchain-based international payments system that’s running on four of our corridors: Brazil, Mexico, UK, Spain”. The system, additionally, transfers are immediate with extremely tight spreads: 30 basis particulars:

“It’s good user experience. I take advantage of it myself. I sent funds to America. It’s available on the same day. Fantastic, and at a guaranteed rate.”

Earlier in April this year, Santander’s executive, Ana Botín, said that One Pay FX was handling “50% of Santander Group’s Foreign exchange funds”. She realized that the system worked efficiently and revealed that the company has been testing the platform for over two years. The company was testing the platforms with their employees and eventually declared it as useful. She ensured that the system was safe and ” totally compliant” with all regulations of the country.

“It’s safe. It’s fully compliant, and we’ve made sure we comply with all local regulations. So you’re in safe hands.” she said.

One Pay FX was issued last year

One Pay FX, the primary cross-border payment messaging system powered by Ripple, was issued last year by the bank. The model was designed to be a faster alternative to Swift. Despite One Pay FX working on the network, it did not relate to XRP tokens. One Pay does not use On-Demand Liquidity, which is powered by XRP.

On the other hand, Santander had set off a whirlwind of rumors when its support desk mistakenly stated that it was using XRP. After that, the bank has retracted the statement and said that it only uses Ripple’s xCurrent and not utilize digital asset.