Banco Santander, the Spanish-based Bank, entered into a deal with Ripple earlier in 2018. The deal was made with the intention of creating a transparent, secure, fast, portable, and affordable method of cross-border payments to the public. This was to be done through the One Pay FX app.
On Twitter today, a Ripple representative posted a tweet along with a link as follows:
“Read how One Pay FX app, powered by Ripple’s blockchain is ensuring that the cross-border funds of customers are transferred securely with absolute transparency and speed.”
Ripple (XRP) Price Today / USD
In response to the tweet, a critic commented:
“Does anyone else understand the logic? European banks that are on their way to failure with debts here and there are looking for ways to enable wealth transfer through blockchain technology.”
One Pay FX App: is it Worth the Hype?
This month the One Pay FX initiative was declared throughout Europe. The One Pay FX app, proved efficient for the international transfer of funds. It offered a secure and fast method if transfer that is completed within a day. These are the same transactions that require days to be cleared by the traditional banking system and other exchanges worldwide. The Santander One Pay FX administration ensures that transactions are handled right after they are sent and finished within the same day. It has now become accessible to thousands of clients in the bank around the continent.
According to the organization, the Ripple blockchain integrates the remote trade rates, time statements of the sender and receiver, cost of sending payments, and bank expenses in the transaction.
Santander is working on a project with other international banks that is aimed at promoting the utilization of digital money between central banks and other financial institutions. The company has also invested in other Blockchain startups.
The One Pay FX app is going to change the banking industry globally. All that matters now is the adoption of the technology. Eventually, people around the world will be able to benefit from it, and perform secure, fast and transparent international transfers.