Mercury FX and Banco Santander Choose Ripple, Why?

By Filecoin News 11/23/19 7:41 AM

Recently Ripple has partnered with two other big names, Mercury FX (a global currency specialist) and Banco Santander (the largest multinational commercial bank in Spain).

Banco Santander in Spain

So, Why Mercury FX chooses Ripple?

Mercury FX, an international payment company which was founded in 2007 with offices in London, Hong Kong, and Cape Town, states that it has the new plan to use On-Demand Liquidity technology (known as XRP) provided by Ripple.

Here are a few reasons for its choice:

Firstly, Mercury FX’s clients are very wealthy people and big businesses, they often want very low fees and have plenty of options to choose from, so it is a very competitive market. And so, by using the XRP payment solution, Mercury FX can offer payment methods that will meet this demand.

Furthermore, Mercury’s CEO Alastair Constance announced that high-value transactions were the great spot of the company, but that now the executives see some space to grow in the area of cross-border payments as well. This is partly because Ripple can enable these payments to be at least 100 times faster than they were before using RippleNet.

Now, the company is expected to continue using XRP to reach other countries, especially the United Arab Emirates and the Philippines, which are two countries that have a demand for the firm’s kind of service.

And what about the reasons for Santander’s choice?

Meanwhile, in an interview with Bloomberg, Spanish Banco Santander ‘s Chairman Ana Botin said Ripple-based payments app One Pay FX is coming to the US.

“We are launching One Pay FX, which is a blockchain-based retail cross-border payment with Ripple, a US company (…) that’s coming to the US, and we’re going to do open bank.”

Recently, John Whelan, the Managing Director of Digital Investment Banking at Banco Santander, stated that they are running One Pay FX system in four corridors, Brazil, Mexico, the UK, and Spain, and will soon be on all 10.

Santander believes that One Pay FX enables transparency, faster speed, and lower costs the service offers. Moreover, this app requires continuous technological innovation to create more superior new features that will be able to meet the requests of fastidious customers. In fact, the firm would like to expand its international transactions in many countries, and the US is really a potential place. Maybe these are the reasons why Santander chooses Ripple.