- Santander and Ripple Work Together to Provide its XRP Cross-border Services to New Regions
- Expanding to New Markets Might be Just What the Doctor Ordered for XRP
Ripple News Today – On Friday, global financial giant, Santander announced that it has entered a partnership with Ripple to promote its cross-border payment app that is powered by XRP. As the 16th largest bank in the world, Santander has an incredible reach across countries. Since it partnered with Ripple in 2018, it has been working on providing faster, easier, and more affordable payment solutions for institutions and retail users. Santander’s major interest is the One Pay FX app which is based on Ripple’s technology. Now, 19 new countries including the United States will be able to use One Pay FX because of Santander.
Ripple News Today – 19 New Countries Will Now Use One Pay FX
Shortly after Santander made a press release, Ripple posted the announcement on Twitter as follows;
“Being part of #RippleNet has helped us forge sustainable and scalable relationships with other financial institutions around the world.” – One Pay FX, @bancosantander CTO Ed Metzger.”
By expanding to key markets, Santander is paving the way for large scale XRP adoption. Portugal, Chile, and the United States are among the top countries that will use Ripple’s One Pay FX. While these countries already use Santander’s banking services, they didn’t use any of its Ripple based products until now. The CTO of One Pay FX, Ed Metzger said;
“We’re looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper, and more transparent international payments.”
Keep in mind that Santander has more than 140 million global users who are all interested in more efficient international transfers according to the feedback they’ve been receiving. Ed Metzger said that their customers have been asking them to provide “better” international remittance processes and this is what propelled them to partner with Ripple. Metzger continued;
“It’s not just the technology. Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world.”
He said that customers now perform international payments almost as frequently as they perform domestic transfers. This is why they are interested in low-cost cross-border remittance that will take place the same day. Because the current legacy institutions often take hours and even days to complete international transactions, Ripple’s services provide the perfect solution. Since the XRP token is currently struggling against the USD, global adoption might be just what is needed to turn the tides in the market and promote a more positive price action for XRP.