Spanish banking giant Santander is bringing its Ripple-powered payment solution to Mexico this year
Major Spanish bank Santander plans to roll out its Ripple-powered international payments system One Pay FX in Mexico in 2020. In Form 20-F submitted to the U.S. Securities and Exchange Commission on March 6, the bank revealed that Mexico would provide this service in early 2020.
Santander is bringing its Ripple-powered payment solution to Mexico
Based on Ripple’s RippleNet technology, One Pay FX is independent of XRP and does not need the digital currency to function. Initially launched in 2018, One Pay FX is a money transfer solution and leverages RippleNet (formerly xCurrent) to settle cross-border transactions. It does not use XRP.
In Form 20-F – an annual report must be submitted to the SEC by all foreign private issuers whose shares are listed on U.S. exchanges.
“Multi-corridor international blockchain solution (…) for individuals and SMEs (small-to-medium enterprises).”
One Pay FX first debuted at four Santander banks – Spain, Brazil, Poland, and the United Kingdom – back in 2018. Santander Portugal and Chile joined the solution the following year.
“The Blockchain system’s benefits are transparency, predictability, competitive cost, and better speed, ostensibly countering current customer experiences which are written as” sub-optimal” and prone to client stickiness.”
Santander said the solution offers transparency, “competitive cost,” and better speed, improving the overall customer experience.
One Pay FX first launched in four Santander banks — Spain, Brazil, Poland, and the United Kingdom — back in 2018. Santander Portugal and Chile joined the solution the following year.
Ripple is backed by Santander’s capital arm, InnoVentures, which invested $4 million in Ripple’s $32 million series A funding in 2015.
Ripple developed One PayFX over several years
Santander and Ripple have been developing One PayFX for many years, with initial tests showing that this solution could bring an improvement over traditional transfers in early 2016. In 2015, Santander’s capital arm InnoVentures contributed $ 4 million to Ripple’s $ 32 million series A funding.
RippleNet, created for the first time in 2012, continues to undergo technical developments, including improvements in core consensus.
Ripple’s chief technology officer David Schwartz:
“RippleNet, first created in 2012, continues to undergo technical developments, including core consensus improvements. I’m interested in enabling third parties to launch other third-party cryptocurrencies, including stablecoins, on the XRP ledger.”
David Schwartz, Ripple’s chief technology officer
Last week, innovative reports for a class action lawsuit against Ripple’s CEO, Brad Garlinghouse, which centers on allegations that Ripple violated the U.S. Securities Act in its 2013 initial coin offering for the XRP token.
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