Yes, ‘to err is human,’ but when an error can cause mass confusion, it becomes critical to tread carefully, especially on social media these days. Recently Santander made an announcement of Twitter about them using XRP for international payments. Although this stirred a lot of excitement in the crowd and landed the post with 1,393 likes and 646 re-tweets, all went into vain when Santander confessed for that they have provided incorrect information. Even otherwise, the bank never announced any working with XRP on any other platform despite its partnership with Ripple for using other products. The successive post after the first confused post read as-
“We are sorry, unfortunately, due to a misunderstanding, we have given incorrect information. We do apologise for the confusion this has caused. One Pay FX uses xCurrent only. You can find out more here: bit.ly/2HEeEqw .”
For those still reading the above statement over and over again to figure out the confusion, well, there is a simple difference between Ripple and XRP. XRP is the cryptocurrency, whereas Ripple is the company that uses the cryptocurrency- XRP for international payments. On the internet, the often interchangeable use of Ripple and XRP has landed many into this confusion for understanding Ripple and XRP as one.
Moving on to the announcement made by Santander- the bank has announced that they are going to use XRP for cross-border payments to eighteen EU countries and the USA. It will be available on their iPhone App called One Pay FX.
Last year in April, the bank announced in a press release that in order to enhance their services, it is going to work with Ripple. The bank has invested in Ripple through its fintech venture capital fund called- ‘InnoVentures.’ The press release revealed that these new services will use xCurrent by Ripple. Back in 2015, InnoVentures invested 200 Million U.S. Dollars in Ripple. On the other hand, Ripple is involved with more than two hundred companies in order to enhance their products just as Santander. Ripple becomes a hot choice based on lower transaction rates and faster processing time. Just, to clear the air, Santander is not currently using XRP. What the future holds for XRP and Santander, time will tell.
On the other front, CNP Santander Insurance is trying to push boundaries in its Dublin expansion. It is a joint project of Santander and CNP. CNP is a fast growing insurance provider from France. CNP Santander Insurance has invested 3.5 Million Euros after steady and strong growth for the last three years.