Earlier this month, Santander launched an app called OnePayFX, which is based on Ripple’s blockchain technology and allows cross-border payment for Santander customers, making it the first international bank to launch a blockchain-based cross-border payments app. The app not only supports fast and convenient payments but also allows the user to view the exact amount that will be transferred, based on the current exchange rate. It is currently available in Spain, Poland, Brazil, and the United Kingdom.
Based on an interview with the Financial Times, Ana Botín, Santander’s Executive Director said that Santander has bigger plans with Ripple. They are planning to allow even the non-Santander customers to use the technology.
“We’re working, as you say, to make this also, at some point – I don’t have a timing for that – a separate app so it’s open market payments and so we’re very excited about the potential.”
Ana also mentions that Santander is working towards making it accessible to companies as it is now available only to individuals. She also explained that Santander uses blockchain technology to make about 50% of the foreign exchange payments, in collaboration with Ripple. Before this technology was launched, they had tested it for about two years with their own employees.
Matthew Wirtz, a Reddit user said:
“It’s only a matter of time. The old system of transfering money will not be accepted by customers soon. Waiting days for a transactions to occur will be a thing of the past. A post I saw yesterday about a few million dollars being transfered in 2.5 minutes at a cost of under a dollar. This is going to open peoples eyes. Speed and cost will always win out in the end.”
Shawn Schaeffer, a Ripple enthusiast says:
“Executive chairman Ana Botín’s Interview should spark excitement to any XRP holder. She states this summer the transfer of fiat will be instant using the rails of Ripple. I’m not a fin. advisor but xrp is going to explode. All i have to say is buckle up.”
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