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Santander UK launches Ripple [XRP] powered money transfer app today

Ketaki Dixit



Santander UK launches Ripple-Powered money transfer app today
Source: Flickr

Santander bank UK, one of the largest banks in the world has launched an international money transfer app called OnePay FX, which uses Ripple’s distributed ledger technology. Santander OnePay FX can be used by Santander customers, who have a Santander debit card.

Nathan Bostock, Santander UK CEO said:

“This spring, if not one beats us to it, we will be the first large retail bank to carry out cross-border payments at scale with blockchain technology.”

The bank stated:

“We expect to be one of the first global banks to roll out Distributed Ledger Technology based payments for individuals”

This facilitates transparency on foreign exchange rates and bank fees before starting a transaction.

This Ripple-powered mobile app enables same-day international payments in ‘3 clicks and 40 seconds’. After downloading the app, users are required to fill in their profile details. The payments are confirmed using Touch ID, once the app connects to Apple Pay.

OnePay FX allows users to transfer between £10 and £10,000, from Britsh Pound [GBP] to Euro [EUR] and US Dollar [USD]. While USD payments can be made to the USA only, EUR can be transferred to 19 eurozone countries, currently.

OnePay FX also allows the user to transfer money to individuals rather than companies, and store the payment details, making future payments easier. In addition to using the latest exchange rates, the user can view the final amount received before completing the transaction.

Ivan Mc Callum, a crypto enthusiast, and an XRP trader says:

“The interface looks user-friendly. The fact that you can see the latest exchange rates and view the final amount that will be trasfered before transaction, increases its credibility. I am excited to give it a try”.

Using blockchain technology for money transfer not only ensures fast and accurate transfer of money and data but also improves protection from fraudulent activities.

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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability




Source: Pixabay

Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.

Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.

It also stated:

“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”

The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.

This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the  XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.

A Twitter user @XRPCentre tweeted:

“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”

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