Banco Santander Hails Success of RippleNet-Powered One Pay FX
One Pay X provides customers with a new level of transparency, certainty and speed, says Banco Santander.
Spanish banking giant Banco Santander has stated that the integration of RippleNet into its cross-border payment mobile application One Pay FX has been a success.
The One Pay FX app enables same-day international transfers and peer-to-peer (p2p) payments. Santander introduced the blockchain-powered service to its retail customers in the UK, Spain, Brazil, and Poland following a strategic partnership with Ripple Labs in March. Notably, the platform does not use Ripple’s native cryptocurrency XRP to power the blockchain but the company’s enterprise blockchain software xCurrent.
Speaking at Ripple’s Swell 2018 conference on Monday, Santander’s head of innovation, Ed Metzgar, said:
“We want to tell you about our journey with Ripple, and how we’ve used the technology to improve our customers’ lives. We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.”
After piloting Ripple’s blockchain, Santander realized it was immediately able to provide customers with a new level of transparency, certainty, and speed, Metzger further observed. He then gave a practical use case for One Pay FX:
“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his bank card. He was able to use the app to pay the fine immediately, and stop his car from being towed away.”
Metzger also revealed that Santander was planning a broader roll-out in the coming months.
Ripple said on Monday its xRapid solution was now commercially available, with three companies — Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union — already signing an agreement to use the new platform.
xRapid leverages blockchain for cross-border payments and uses the XRP coin as an intermediary currency. This is the first time financial services providers or any companies will use XRP in a commercial application, which might support demand for the coin.