OnePayFX, Ripple-powered Payment System Helps Spanish Commercial Bank, Santander Win FIAward

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million price

A while ago, Ripple got into a partnership with the multinational Spanish Commercial Bank, Banco Santander. Thanks to the seamless integration of Ripple’s OnePayFX, the bank won the Financial Innovation Award at the FIAwards that was held in Hilton London this year. The announcement about this great achievement came from Santander’s worldwide head of Strategic Accounts, Marcus Teacher, on Twitter. The tweet was as follows:

“Santander bags Financial Innovation Award 2018 thanks to its integration of #onepayfx. OnePayFX is the new international payment solution by Santander that runs on the Ripple blockchain. We are happy with this news!”

Santander And Ripple

OnePayFX is a project by Santander and Ripple that is aimed at providing customers with quick global payment settlements. After the service was launched, Santander’s customers in UK, Spain, Poland and Brazil were able to use the system. At the time, the press release was as follows:

“Apart from being fast, the service also gives users the ability to see the exact amount that the receiver will get in his or her local currency. That is to say, if you transfer money from the UK to someone is Brazil, you’ll be able to see the BRL equivalent of the GBP you’re sending.”

The company also talked about how its $200 million worth fintech VC fund that was poured into Ripple in 2015 has progressed over the years. The company made about 20 different investments in the FinTech industry ranging from AI investments to financial advisory, big data, automobile financing, and SME.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.325667
-0.02%

OnePayFX runs on Ripple xCurrent protocol. This is one of Ripple’s technology under the RippleNet umbrella. Ripple also crested xVia and xRapid and placed them under the same umbrella. xRapid provides liquidity using the XRP token and xVia is an API that allows users to access RippleNet efficiently.

After the announcement was made, many cryptocurrency enthusiasts expressed their excitement. Charlie Crypto in reply to the tweet by Teacher said:

“Congratulations! Hopefully, you will get many awards in the future now that you are working with Ripple.”

Still in reply to the tweet, another user said:

“This is a well-deserved and courageous decision. Congratulations early adopters of blockchain technology, Banco Santander.”

About Banco Santander

Banco Santander is a one of the largest Spanish multinational commercial banks. The financial services company was founded in Spain in 1857. It has branches in Barcelona, and Madrid, but it also maintains a global presence. It operates in North America, South America and continental Asia.

Banco Santander was one of the first financial institutions to put faith in blockchain technology. So far, it is enjoying its decision to invest in innovation.

XRP (XRP) Price Analysis

On another end of the continuum, XRP is trading $0.305887. This shows that it is up by 0.41% against the USD and down by 0.95% against Bitcoin. The 24-hour trading volume is $402,755,973 and the market capitalization is $12,519,029,452. The trend may remain upward throughout today but it is uncertain. At a time like this, all anyone can do is wait and see.

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