The Santander Bank chain has recently announced the expansion of its Ripple powered platform, OnePay FX for other European countries. Santander also intends to use Ripple ledger for all its payment settlements for the future.
At the recent Swell event last week, the Head of innovation at the bank, Ed Metzger spoke on the matter and said:
“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
Earlier in the year, it was reported by several news outlets that the initiation of the partnership between the Santander bank giant and Ripple. During that time, there weren’t any specific details on the collaboration between the bank or the popular digital currency blockchain platform that was released to the public.
But since then, reports have been published that the bank was running beta tests using RippleNet through its payment settlement matrix. Santander revealed that during the early stages of testing there was a big increase in speed and transparency which was not seen in the traditional banking set up.
The banking firm is stationed all over the world including, Poland, the UK, Spain, Brazil and so on. There are big plans to expand the XRP adoption to further countries as including all over Europe, Asia and South America.
According to the Head of Innovation, the adoption of RippleNet framework into the OnePay FX platform could possibly ignite an increased utilisation of XRP in places such as Tokyo where XRP has a big fan base of fanatics as the currency grows more and more it becomes the most popular cryptocurrency over there.
Ripple has their crosshairs firmly set on adoption especially within the traditional finance arena, striking many partnerships with banks and other financial institutions all around the globe. Many would say that the main objective for Ripple should be to encourage the use of XRP to a more mainstream audience in tandem with its legacy Ripple legacy.
The general school of thought among the stakeholders is that Ripple is taking a proactive approach to an aggressive expansive and adoption drive. Metzger make a comment on the matter saying that this is different to other organisations, Ripple has done a good job of not getting lost in the ‘peanut butter problem’ as he puts it.
What are your thoughts? Let us know what you think down in the comments below!
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