Spanish banking giant Santander is launching a new money transfer app in the United Kingdom, but unlike the company’s other payments app, this one isn’t utilizing Ripple’s technology.
PagoFX is a new low-cost mobile international payment transfer service that’s open to anyone interested in sending money out of the UK, regardless of which bank they use.
Santander’s other payments app, One Pay FX, uses Ripple’s payment messaging system to move money between currencies. The product, which is a competitor to the international financial network Swift and does not utilize XRP, is designed to help financial institutions settle fiat-to-fiat transactions in real time by using messaging to clarify and verify transaction details.
PagoFX isn’t following suit, however. The company replied to an inquiry on Twitter about the direction of its platform with respect to Ripple and XRP.
Hello, XRProcks! Thank you for writing to us. PagoFX doesn't currently use Ripple. We're agnostic about the way we execute payments. Our payment platform uses a variety of channels and counterparts to ensure our best-in-class service. Thanks, Abbie
— PagoFX (@PagoFx) April 16, 2020
In response to the COVID-19 outbreak, PagoFX plans to offer its transfer services without fees until mid June (up to a cumulative limit of £3,000 per customer).
After that, standard fees for transferring money to the Eurozone, Switzerland, Norway, Sweden and the Czech Republic will be 0.70% of the send amount. For transfers to the US, Poland and Denmark, the fee will be 0.80%.
Meanwhile, One Pay FX plans to launch in Mexico this year, according to a filing submitted to the US Securities and Exchange Commission.
The Ripple-powered international payment solution, which went live in 2018, has already added six countries: Spain, the United Kingdom, Brazil, Poland, Portugal and Chile.