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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 welcomes one of the ‘Big Four’ South Korean exchanges, Coinone to Ripple Net




Ripple welcomes "Big Four," South Korean exchange Coinone into Ripple Net
Source: Unsplash

Coinone, hailed in Asia as one of the continent’s “Big Four” cryptocurrency exchanges, is set to join the Ripple family. Announced on June 17, the exchange performs cross-banking services, while implementing Ripple’s xCurrent solution in its operations.

The partnership between the San Francisco-based blockchain payments giant, Ripple, and Japan’s SBI Holdings called SBI-Ripple Asia, will see the participation of Coinone. With a growing number of cross-border transactions emanating from the southern half of the Korean Peninsula, several companies have been looking to capitalize.

Coinone’s addition to the Ripple network is the first such inclusion of a South Korean cryptocurrency exchange. Speaking about the partnership, CEO of Coinone, Shin Won-hee, told K Banker, a Korean media outlet,

“We hope that the cooperation between Coinone and SBI Ripple Asia will provide allow us to introduce a range of financial services that make use of blockchain technology.”

Coinone’s official Twitter account added that this integration is ‘about Ripple,’

Following the CEO of SBI Holdings, Yoshitaka Kitao, being appointed as a board member at Ripple, the Pacific partnership between the two companies has blossomed. The duo launched SBI -Ripple Asia, a J.V. with the aim of using the network power of RippleNet to build a global payments stream.

K Banker further reported that in the gist of celebrating the agreement with SBI Ripple Asia and their remittance program, Coinone Transfer will “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

The partnership between the two companies was first initiated in May 2018 when Coinone integrated xCurrent into its remittance services titled “Cross.” According to the latest figures, eight Asian countries can send remittances via the system, with the fee for the same remaining at 1 percent.

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