Ripple-powered One Pay FX receives praises from Santander Bank for enabling faster cross-border transactions

Ripple’s products have been appreciated by many big shots in the financial world in the last year and 2019 too brings good news for the company. Ripple-powered One Pay FX, a payment application, is enabling its customers to send cross-border transactions at a faster speed as compared to other competitors, reported Banco Santander.

The application was appreciated by Ana Botin, executive chairman during the Santander International Banking Conference, in Madrid. She praised the application’s performance that runs on the Ripple Blockchain software solution xCurrent. Botin said:

“You can do FX transfers, real-time, between the UK and continental Europe. And you can do Poland, Brazil, and Chile – through Santander – for the same cost as TransferWise. And that is the reason why we need to really think about what is real reciprocity. The devil is in the details and the timing.”

TransferWise, that also enables instant payments, only delivers within the United Kingdom using the instant EPS payment system. A source from the company explained that the process is even slower in Europe and other parts of the world. The transactions have taken over two days for certain transactions to complete. Santander and TransferWire are aiming to transform the traditional evolution of international payments reported the publication.

Santander offered real-time cross-border payments to millions of customers they have in Europe as they launched One Pay FX in April. Ripple has been working on the issues that have been ailing Swift, a traditional payments system preferred by banks for a long time. Ripple, along with Swift, will address the issue of cross-border payments in February in a debate on the future of the financial system, reported the publication.

Recently, Ripple also announced that it had partnered with over 200 financial institutions and banks, which will eventually use Ripple’s services. Ripple had also announced that JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank, out of these 200 partners had agreed to leverage the digital asset, XRP to source liquidity and facilitate real-time cross-border payments.

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