Banco Santander set to use Ripple’s ledger to process payments on its OnePay FX platform

Over the past weeks, XRP and its parent company – Ripple Inc. have been constantly making the headlines. XRP is created by the founders of Ripple Inc., however, the digital currency is not owned by the firm. XRP and Ripple Inc. are independent of each other. XRP was in the news in late September for its massive price rally. However, over the past few days, the digital currency has lost most of the gains it amassed back in September. XRP saw a major flip in its value, and it is now trading close to the 40 cents level.

Banks Want to Use Ripple’s Ledger to Move Funds via International Conduits

Beyond the recent price performance of XRP, there have been some good news and developments around Ripple. According to a recent report by Forbes, there are speculations that financial institutions want to adopt the movement of funds via international conduits.

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Banco Santander said it wants to adopt the ledger of Ripple Inc. The bank wants to use the ledger of Ripple to bring settlements across the OnePay FX platform of the bank. In the recently concluded Swell Conference of Ripple, Ed Metzger said that the combination of RippleNet and OnePay FX can significantly speed up the processes of international payment.

Ed Metzger is the Chief Technology Officer of Santander and he had earlier said that OnePay enables cross-border settlements with just three clicks and in less than sixty seconds. The cross-border payment service of the bank extends to the United Kingdom, Spain, Brazil, and Poland. However, the bank plans to extend its payment solutions to more nations in Europe, and the bank has chosen RippleNet as its preferred cross-border settlement platform.

The CTO of the bank also added that OnePay FX might be adopted in places such as Japan. According to trade reports, the CTO said “They believe that financial services are evolving into a universe of open platforms, where firms come together to deliver first-class customer service for their clients. He said that is what OnePay FX plans to achieve.”

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Banco Santander Was Impressed with the Results of Running Beta Test with RippleNet

Banco Santander recently ran some beta tests using RippleNet. The test results revealed that the bank saw gains in both transparency and speed. The results of the test had never been seen in other conventional payment systems.

XRP (XRP) Is Still Set for Long-Term Gains

XRP started this month in a bearish trend. The digital currency declined below its key support levels and tested a new monthly low. XRP is now recovering higher, however, it is capped on the upside. The 41 cents level now acts as a support for the digital currency, as it now trades over the 42 cents level.

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The digital currency looks set for more long-term gains, however, it is currently capped at the 44 cents level. A break over this level is needed for more gains towards the 46 cents resistance level.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.482338
3.37%

XRP is currently changing hands at $0.4271 after an increase of more than 4 percent over the past twenty-four hours. The digital currency currently has a market cap of $17.08 billion. Its trading volume over the past twenty-four hours is $822.52 million.

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