Santander Discloses Massive Expansion Plans of One Pay FX Powered by Ripple
In a fascinating development, Santander – the multinational banking giant based in Spain, has announced that it is planning a massive expansion of One Pay FX, its Ripple-powered app. It is a global payments application that facilitates international payments. The Spanish bank and financial services firm had launched this application for its consumers in 2018. At present, the app allows consumers to send funds to as many as 19 nations, including the United States.
Recently on the occasion of Santander’s Investor Day gathering in London, it was learnt that the firm is all set to launch Pago FX which will be the platform’s standalone version. What’s interesting is, this application will let anyone send money across the world instantly, even those who are not Santander customers.
As per the company, the new application is designed for SMEs to facilitate smooth payments. The application will soon be making its debut in Poland, Germany, and the United Kingdom.
One Pay FX is backed by Ripple’s xCurrent payment platform. Ana Botín, executive chair at Santander had commended the advantages of the company’s application One Pay FX in January saying,
“You can do FX transfers, real-time, between the UK and continental Europe. And you can actually do Poland, Brazil and Chile – through Santander – for the same cost as Transferwise…
And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing.”
According to Botín, the application now powers over half of FX payments of the banking giant. Continuing further, Botín stated that it really works well and the company had been testing it for a couple of years with their own employees. The application works and it is safe, in compliance with all the local regulations.
In the past month, the company’s UK-based help desk had mistakenly stated that its One Pay FX utilizes XRP to accelerate international payments. The incorrect tweet went viral and caught the attention of many XRP and Ripple fans who began believing that Santander was utilizing Ripple’s xRapid which is powered by XRP.
Soon enough, the company came forward to apologize and clarify the confusion saying that it was using Ripple’s xCurrent, not xRapid. Though there are several financial institutions that are utilizing xRapid, the sole bank which has reaffirmed its usage is Euro Exim Bank.