The Ripple Effect: Mercury FX Reveals New Plans for XRP As Santander Brings One Pay FX to the US
Two of Ripple’s clients are announcing plans to expand their use of the company’s cross-border payments technology.
In a new interview with Bloomberg, the executive chairman of Spanish banking giant Santander, Ana Botin, says the company is bringing its Ripple-based payments app One Pay FX to the US.
“We are launching One Pay FX, which is a blockchain-based retail cross-border payments [platform] – with Ripple by the way, a US company. That’s coming to the US. We’re going to do open banking.”
So far, One Pay FX is live in four corridors: the UK, Brazil, Mexico and Spain.
Santander is utilizing Ripple’s payment messaging system that’s designed to compete with Swift and does not utilize XRP.
Meanwhile, Mercury FX, a global currency exchange provider with offices in London, Hong Kong and Cape Town, says it plans to expand its use of Ripple’s XRP-powered payment solution known as On-Demand Liquidity (ODL).
At a recent conference held by Ripple, Mercury FX CEO Alastair Constance revealed the company’s plans to bring ODL to Africa.
The company is also opening an office in Dubai to launch a corridor between the Philippines and the UAE.
“The Filipino market alone is worth U.S. $2.5 billion a year. Sending money there typically costs about 8 percent. We can easily beat that rate thanks to Ripple, which means huge savings for our customers and a new profit center for us.”
Mercury FX is one of the first financial institutions to use ODL, formerly known as xRapid.
The company launched its first payments using the technology in late 2018, with an ODL-powered corridor between the UK and the Philippines.