Santander Expanding Ripple-Powered Payments App to Latin America: Report
Spanish banking giant Santander is reportedly expanding its OnePay FX remittance app to Latin America.
The bank says it’s building a new corridor that will allow its customers in Latin America to send money to the US, reports CoinDesk. The payments are sent in real time with zero fees.
OnePay FX utilizes Ripple’s cross-border payments technology xCurrent and does not utilize the digital asset XRP.
Santander launched the app in April of last year and says it’s already a hit, says the CEO of OnePay FX Cedric Menager.
“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering.”
The company has not revealed which Latin American countries will support the app first.
In April of this year, Santander executive chair Ana Botín said OnePay FX is now powering more than 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.”