Ripple, the company, has once more reached another milestone in the cross-border remittance sector. The Blockchain based firm achieved this with the recent funds transfer corridor launched by Banco Santander’s, One Pay FX. One Pay is a remittance app that is using Ripple’s xCurrent product to carry out its functions.
Santander made the new initiative known that the remittance app now services people from Poland who want to transfer money from the United Kingdom and vice versa. Santander’s UK arm was launched in April of 2018 by Banco Santander, the Spain based financial guru. One Pay FX won an outstanding innovation award for the bank.
One Pay Uses Ripples xCurrent to make Cross-border Transfers Easier for Banks
One Pay FX reportedly uses the xCurrent product, an enterprise software solution designed by Ripple to reduce the hardship that banks encounter during cross-border transfers. Ripple’s xCurrent achieves this by providing end-to-end tracking, as well as a fast and reduced cost model that is deficient in SWIFT and any other traditional remittance solutions.
While One Pay’s remittance app is available in mobile format, customers of Santander who have debit cards will now have an opportunity to carry out payments across territories to different locations around the world. Including Poland which has just been added to the list.
New Version of the Remittance App Lets UK Users Make Transfers to Poland
The recently released version of the remittance app (1.3.1), allows One Pay FX users to make transfers across the UK-Poland payments corridor. This means that UK customers can now transfer funds to Poland within a blink of an eye. Despite the fact that the expansion is also beyond Poland, the users of this Ripple-powered application can make real-time funds transfer to Chile and Brazil as well.
Back in January of this year before the release of the new application, Ana Botin, the Executive Chairman of Santander, cited that One Pay FX will now be offering transfers between the UK and continental Europe. In the words of the Santander executive:
“You can now conduct FX transfers between the UK and continental Europe in real-time. You can also do transfers to Poland, Brazil and Chile with Santander at a similar cost with Transferwise. And that is the main reason why we have to think about what real reciprocity is. It is all about details and timing.”
One Pay FX Lets Customers Transfer GBP 10,000 Daily to 20 Countries
Per the report, with Ripple powered One Pay FX solution, customers can now transfer about GBP 10,000 daily in Euros to no less than 20 countries across the continent. As Santander’s One Pay FX solution continues to expand its tentacles in the remittance sector, a number of Ripple-powered applications have been celebrated as well. Many of these solutions have been referenced for their outstanding performances in recent years.
For example, in Japan, the Ripple-dependent MoneyTap solution is now subscribed into or incorporated by different banks across the Asian country because of the free, real-time payment opportunity that is offered by the app. This shows that Ripple offers more solutions to the remittance sector than most Blockchain-based setups.