OnePay FX, a cross-border payment application developed by Spanish multinational banking conglomerate Banco Santander is integrating RippleNet into its services. A partnership was announced between Banco Santander and Ripple in March, but details were not disclosed. Banco Santander is the biggest bank in the EuroZone, and OnePay FX is set to expand to more countries in Europe, South America, and Asia over the coming months.
Banco Santander, the first to adopt crypto
Speaking on the integration of RippleNet to existing Banco Santander services, Head of Innovation Ed Metzger indicated that –
“One of our customers was in Italy on holiday and parked in the wrong place. He needed to pay a fine and didn’t have his banking card. He was able to use the app to immediately pay the fine, and stop his car from being towed away. It’s four or five clicks to do something that would have taken an awful, awful long time in the past.”
Banco Santander ultimately intends to utilize Ripples xCurrent service. xCurrent is an enterprise-level product that allows banks to settle cross-border transactions instantly with end-to-end tracking. This has distinct and obvious benefits. Transactions will no longer take days or weeks to settle and will be very, very cheap.
It could revolutionize the banking industry if adopted on a wider basis. There has been reluctance among banks to deal with any type of blockchain technology, and they typically prefer to work on their own in-house projects. Banco Santander is the first bank to embrace a third-party cryptocurrency network into their services, and may well reap the benefits. SBI Holdings in Japan also has strong connections with and investments in Ripple products and services.
Good news for Ripple
Ripple is a real-time gross settlement system aimed at banks and multinationals. Using XRP as a reserve currency on a lightning-fast network, payment processors and banks can settle transactions very quickly and for a tiny fee, possibly even streamlining international regulatory hurdles associated with legacy fiat. The RippleNet currency is the XRP and Ripple is a company that owns 60% of all XRP tokens.
Ripple has been on the rise, both in terms of its price and its adoption. It recently hosted its Swell conference in San Francisco where former President Bill Clinton and other influential figures spoke out about the network and on DLT in general. Its speed and low-fees are not in dispute, and it is technically one of the fastest coins with live traffic on its network. It has also recently launched its xRapid service commercially, which is to be used by three large financial firms. And now, USD 80 Billion dollar firm Banco Santander is integrating its services. Ripple is likely to proliferate further as it is finally being accepted by big banks and institutions. Other banks could soon follow, and this will pave the way for the entire crypto industry.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.