On July 9, it has been reported in a statement posted by Ripple that Santander constructed One Pay FX as a borderless blockchain-based payment channel, in the form of an app.
However, building the app alongside Ripple, Santander launched the app in 2018. The statement said that formerly only available in the United Kingdom, Spain, Poland, and Brazil, One Pay FX now enables users from 19 additional regions, as the US and Chile sit among others on the list of added countries.
Retail #banking giant #Santander pairs up for work with @Ripple, @benjaminpirus reports. #Ripple $XRP https://t.co/7u0pb1JgaL — Cointelegraph (@Cointelegraph) July 9, 2020
Ed Metzger, the CTO of One Pay FX, said:
“Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.”
Likewise, Metzger described feedback from customers by noting difficulties with transaction exchange rate clarity and timing confusion.
“Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”
Thus, Metzger noted the app, with its Ripple tech, improves other areas, such as global transfer times.
Santander’s search for an innovative solution never focused on a specific technology. Instead, the bank looked for any way to solve their customer’s specific pain points, which is why Ripple proved to be an ideal partner.