Banco Santander, the multinational commercial bank and financial services company headquartered in Santander, Spain, will be using Ripple’s ledger to settle all payments and improve customer experience through its OnePay FX platform.
Ripple and Banco Santander
At this year’s Swell conference in San Francisco, Ripple announced the commercial launch of its xRapid product. It’s a solution which is going to be used by payment providers, including Cuallix, Mercury FX, as well as the cooperative financial company called Catalyst Corporate Federal Credit Union.
Another notable highlight of the event was the speech of Ed Metzger – the Head of Innovation at one of Ripple’s well-known partners – Banco Santander.
Metzger said that the bank will happily use Ripple’s ledger in order to settle all of the payments with its OnePay FX payment platform. The solution is used to make quick international transfers on the same day.
According to Metzger, the addition of RippleNet into OnePay FX is likely to streamline the process of other banks beginning to use Ripple-related products in countries like South Korea and Japan. He said:
Too many companies have a peanut butter problem. They’ve spread themselves very thin, working on lots of different initiatives. By contrast, Ripple has gone deep in understanding.
Ripple Moving Forward
Apart from Banco Santander’s announcement – and the three companies mentioned above which have already begun using XRP to settle payments – Ripple managed to accomplish a serious win in late September. As Live Bitcoin News reported, PNC Bank became the very first major U.S. banking institution which is going to join RippleNet.
Speaking on the matter was Ripple’s Senior VP, Marcus Treacher, who noted:
For far too long, the technology underlying cross-border payments has been opaque, slow and costly. […] Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well.
In another sign of Ripple’s growing popularity, almost 10,000 people signed a petition to make XRP the official cryptocurrency of the Tokyo Olympics in 2020.
Editor’s note: Live Bitcoin News originally reported that Banco Santander would be using XRP to settle payments. The claim was made in error and the article has been updated to reflect current and accurate information.
What do you think of Ripple’s usage? Will more organizations start taking advantage? Let us know in the comments below!
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