OnePayFX will be released worldwide in the coming months?
Santander Group had recently launched their App called OnePayFX. The app is based on the blockchain technology of Ripple. It allows cash transfers to arrive on the same day.
The company had declared that their aim is to become the pioneer retail bank to allow cross-border payments of cryptocurrencies, using blockchain technology, internationally.
OnePayFx allows cross-border payments for the customers of Santander. Santander is a retail banking company. It was founded by Scott Powell. This company is under the Santander Group which is its parent organization. The Group is a Spanish Giant which launched its services only across the four countries which are – Poland, Spain, Brazil, and The United Kingdom.
XCurrent is employed by this service, which is a business software made and designed for banks. It enables them to receive and transfer payments internationally. XCurrent also encrypts end-to-end tracking of messages and it’s bi-directional.
Santander works towards executing its software to companies since it’s open to individuals as of now. It uses the technology of Blockchain to gain about 50% of the payments made through foreign exchange.
After it’s service is launched in each and every country, there will be additional developmental functions, such as performing their transfers in an instant, which is also feasible making it one of hottest international service of ” money transfer” available.
The customers situated in the United Kingdom will be able to use OnePay to make money transfers to European countries and the United States. In Spain, they will be able to transfer them to the first four countries listed with them and the United States as well.
The App supports convenient and fast payments and also allows their customers, based on the current exchange rate to view the precise amount which will be transferred.
mr_li_jr, a Reddit user commented:
“I consider myself one of the more conservative posters in the Ripple subs, but this is bullish af and I don’t think I’ve ever even written those words separately, let alone together.”
“Not exactly, if we want XRP to increase in price we want the app to use xRapid. This uses xCurrent”
“There’s something wrong here. It’s gonna take a “few months” to release it worldwide and they expect to add instant transfers “before the summer”? the summer is 3 weeks ahead. Or maybe they mean summer 2019?”
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Ripple partners with Brazil’s Front Exchange to launch Simple to ease cross-border remittance
Ripple has been living true to its motto of promoting cross-border payments with low transaction fee lately with a barrage of partnerships and other developments. Last week, Ripple-backed remittance providers such as InstaReM and MoneyNetint made the news by partnering with banks in order to simplify cross-border transactions. After the partnership between BeeTech with Ripple-backed MoneyNetint, another Brazil-based exchange broker, Frente Corretora de Câmbio or The Front Exchange has partnered with Ripple to launch ‘Simple’, a platform created to cater international remittance and tourism exchange.
As cited on the exchange’s website, The Front launched the Simple platform for providing remittance and tourism exchange in partnership with Ripple. Simple will enable Brazilians to make cross-border payments, starting June 2019.
Carlos Brown, the co-founder of Front Exchange, commented on the launch of Simple and said,
“Simple’s user is the average citizen, who has a child living outside the country, for example. This public does not make large remittances, it is a money for the family, and this percentage charged by the institutions ends up swallowing a very large part of the value.”
Brown further claimed that the platform would not charge any transaction fee, but will be based on the gain of spread that the transaction delivered. The correspondents associated with the exchange would act as a FinTech, which would help in the growth of operations. Brown stated:
“We want to win with a high amount of operations and not with a very high spread, like traditional financial institutions.”
The Front Exchange recently opened a representative office in Miami and is looking forward to set-up two more representative offices in Boston and New York. The Central Bank ranked the broker exchange as the 15th largest currency brokerage in Brazil. With the partnership with Ripple and the launch of Simple, the exchange is expected to climb to the fifth place by the end of the year.
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