Santander recently broadened compatible regions for One Pay FX app in collaboration with Ripple
One of the biggest banks in the world, Banco Santander, has added 19 regions available for One Pay FX international payment application built with blockchain and crypto payments Ripple.
“Being part of #RippleNet has helped us forge sustainable and scalable relationships with other financial institutions around the world.” – One Pay FX, @bancosantander CTO Ed Metzger. https://t.co/iol8ooG4fe
— Ripple (@Ripple) July 9, 2020
Santander constructed One Pay FX as a borderless blockchain-based payment channel with Ripple
Santander built One Pay FX as a borderless blockchain-based payment channel, in the form of an application. Building the app with Ripple, Santander launched the app in 2018.
Previously only available in the UK, Spain, Poland, and Brazil, One Pay FX now allows users from 19 additional regions, the report said. The United States and Chile sit among others on the list of added countries.
Ed Metzger, CTO of One Pay FX said in the statement:
“Customers told us that the international payments process could be better than we partnered with Ripple to explore how blockchain could make transactions faster, cheaper, and more transparent.”
Metzger described feedback from customers who noted difficulties with clarity about exchange rates and time confusion.
Santander’s search for an innovative solution never focused on a specific technology. Instead, the bank looked for any way to solve their customer’s specific pain points, which is why Ripple proved to be an ideal partner.
“Ripple helps us directly address the issues raised by our customers. Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”
Besides, Metzger notes this application, with Ripple technology, improves other areas, such as global transit time.
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