Ripple Adoption Expands As Banking Giant Santander Launches New Payment Corridor
Spanish banking giant Santander is adding a new payment corridor to One Pay FX, the company’s Ripple-powered digital banking app.
The app now supports payments between the UK and Poland. Ripple’s senior vice president of customer success Marcus Treacher touted the new addition, which allows Santander customers to move as much as 10,000 euro per day to and from the two countries with zero transaction fees.
Powered by Ripple & great to see this important payment corridor go live https://t.co/wVBJlQ1aZT
— Marcus Treacher (@marcus_treacher) July 14, 2019
One Pay FX uses Ripple’s payments messaging system xCurrent. Santander launched the app on iOS last year, and says it now lets its customers send money to 19 countries, including the US.
Santander executive chair Ana Botín told the Financial Times that by January of this year, Ripple’s technology was already powering half of Santander Group’s FX payments.
“With this new initiative that is already in place, we’re actually covering 50% of all the FX payments that the Santander Group does annually. And it works really well, because the rails that we’re using – which, as you say, we’ve collaborated with Ripple – we’ve been testing those for two years, actually with our own employees.
And it works. It’s safe. It’s fully compliant, and obviously we’ve made sure we comply with all local regulations. So you’re in safe hands.”
Back in February, Santander’s UK help desk mistakenly said One Pay FX uses XRP to boost cross-border payments. Sandander soon apologized for the confusion and clarified its use of Ripple’s xCurrent.
In a recent interview, Ripple global head of banking Marjan Delatinne reveals that a total of 20 companies are now actively using the company’s XRP-powered payment solution xRapid.