Following Surge In Volume, Santander Makes Move To Magnify Ripple-Powered Payments

Ripple News Today – Santander Group, one of the major banking corporations in the world, will be growing the use of Ripple’s services, by hosting the Ripple powered remittance service, One Pay FX in Latin America. The banking hulk from Spain is constructing a payment hallway, which would allow users Latin America to send and receive money to and from the United States, using Ripple’s technology. The recent Ripple price analysis shows that Ripple, which was the slacker for many months, is finally taking a bullish turn. XRP/USD has exceeded $0.2846, which is the merging of the SMA 10-1d, the former monthly low, the SMA 100-15m, and the previous monthly low. The line now acts as support.

Quoting growing transaction volume, Santander desires to increase Ripple’s xCurrent technology to several Latin American countries after first presenting the technology in Spain, Brazil, Poland and the United Kingdom in April 2018. Particularly, the bank plans to allow zero-fee transactions from unnamed Latin American countries to the United States via a mobile app called One Pay FX. To date, only customers in the U.K. and Spain can send money to the U.S. through One Pay FX.

Built on Ripple’s xCurrent technology, One Pay FX is autonomous from XRP and does not need the digital currency to work. The Santander spokesperson explained in a recent Ripple news update, they added: “XCurrent does charge for the service. Santander is the one that does not charge fees with its solution. Santander has always used xCurrent for One Pay FX, which does not need XRP to work.” Santander’s One Pay FX transaction volumes have increased from January 2019 to June, while volumes for Spain rose 120% over a yearly period in April. But while Santander has not publicized when it expects to start launching out the technology to Latin America, the bank purportedly plans to bring One Pay FX solution to the U.S. to allow American customers to send money abroad. “Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use fintech competition have come back because of the One Pay offering,” Cedric Menager, CEO of One Pay FX, explained.

Unlike the SWIFT messaging system that banks traditionally have used to make international transfers, One Pay FX on xCurrent is instant, has no fees and gives users a view into currency exchange rates before they send money, Menager said.

Apart from One Pay FX, Santander is also creating another international payment service called Pago FX, which will be accessible for global non-Santander clients. Lately, an executive at the U.K. pension and welfare agency mentioned Santander’s One Pay FX solution as one of the instances of successful blockchain applications that can unsettle the payments industry.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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