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Ripple and Banco Santander’s One Pay FX on the run

Simran Alphonso



Ripple [XRP] and Banco Santander's One Pay FX on the run
Sources: Pixabay

At the beginning of 2018, Spanish bank Banco Santander connected with Ripple to offer the primary portable administration concentrated on payments rendered cross-bordered.

Today Ripple’s official account tweeted:

“Read how Bancosantander’s blockchain powered One Pay FX is ensuring customer funds cross-borders with speed, transparency and security.”

Rex, a Twitterati commented:

“Anyone else get the idea, failing european banks with trillions of debt in derivatives are trying to integrate blockchain into their wealth transfer.”

Banco Santander, a Spanish Banking group based in Santander, Spain, is one of the oldest [founded in 1857] and the largest banks in the world. They announced that they will be launching a new mobile app which will be operated via Ripple’s distributed ledger technology.

This initiative of building an app by Ripple and Banco is known as One Pay FX!

In June, the declaration of One Pay FX was announced along with the arranged rollout crosswise over Europe. The app permitted speed and security in cross-border installments, while, conventional conductors and the worldwide exchanges took three to five days to clear. The administration, Santander One Pay FX, considers installments to be handled right away and is settled on that particular day. This is an element that has recently been accessible to millions of the bank’s clients in the continent.

The organization said that the blockchain framework integrates the aggregate cost of sending payments, grasping [past the aggregate payments] bank expenses, remote trade rates, conveyance time statements and payments receipts.

Santander also forms with other international banks, it is a part of the Utility Settlement Coin [USC], a project that researches and aims to promote the use of digital money between financial institutions and with central banks. It has also invested in several blockchain companies through InnoVentures, its venture capital fund. InnoVentures invested in Ripple, during the creation of xCurrent, in 2015.

Ed Metzger, the head of innovation at Santander said:

“Blockchain or distributed ledger technology covers a wide range of new technology approaches, but using some of the same building blocks and concepts [of other approaches],”