Banking giant Santander plans to implement Ripple app in more countries after initial success
Blockchain firm Ripple has revealed that banking giant Santander is set to expand its blockchain payment app developed by Ripple to serve newer regions. Santander is the biggest bank in Spain and is among the 20 largest financial institutions in the world and has been open to blockchain technology since joining Ripplenet in 2018.
The One Pay FX app is a joint effort by Ripple, and Santander was launched in 2018 and served the four markets (United Kingdom, Poland, Brazil and Spain) initially. The project was centered around offering cheaper transaction fees and faster settlement speeds alongside enhanced transparency for its cross-border transactions.
Since its launch, One Pay FX has been able to achieve good reviews with the app and it is a popular choice among Santander Bank’s international transfers.
One Pay FX wants to expand to US market
The success of One Pay FX has made Santander Bank to sanction its deployment in key markets across the world. According to Ripple, the app would be made available in 19 countries including the US, Chile and Portugal.
It is understood that Santander had conducted a customer survey in which a majority of respondents believe that there should be more opacity on international transfers.
In addition, there was an emphasis from customers towards better international payment process which prompted the bank to partner with Ripple for faster and better cross-border solutions.
One Pay FX CTO Ed Metzger believes that the expansion would enable more users to be able to benefit from the services offered by the app. He said:
We’re looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper, and more transparent international payments.
Metzger also continued that the Bank was satisfied with its partnership with RippleNet as it has helped forge synergy with other financial institutions across the world.
It’s not just the technology. Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world.
Ripple is regarded as one of the top blockchain platforms and has been able to achieve workable blockchain solutions that have been adopted by banks and financial institutions across the world.
The blockchain platform has over 100 members as part of its Ripplenet ecosystem.