Santander Ripple-Powered One Pay FX Hits Half A Billion Dollars In Volume
It’s been revealed that the banking giant Santander is celebrating an important milestone these days.
They have executed more than half a billion dollars worth of cross-border payments via Ripple-powered remittance app.
You may recall that Santander launched the international payments solution called One Pay FX back in 2018 in the UK, Spain, Brazil, and Poland.
It’s also important to mention the fact that since then, the app has also launched in Chile and Portugal, and it has processed $528.63 million in total remittances, says a new update from the bank.
One Pay FX payments can also be sent to two dozen countries, including the entire eurozone, according to bank officials.
📲 One Pay FX, the international payments solution for our customers, is the result of our passion for customer obsession. Since launching in 2018, it has executed €450 million in volume of cross-border transactions.
Watch the story of our passion here 👇 pic.twitter.com/1pXzx8guCx
— Santander (@bancosantander) July 27, 2020
One Pay FX uses Ripple’s payment messaging system
You probably know by now that the app uses Ripple’s payment messaging system, as opposed to Ripple’s native token XRP, to move money between currencies.
“The tech product, which is a competitor to the international financial network Swift, helps banks settle fiat-to-fiat transactions in real-time by using messaging to clarify and verify transaction details,” as the Daily Hodl notes.
After Santander posted its One Pay FX update via Twitter, there were a few crypto enthusiasts who questioned whether the bank also planned to use Ripple’s XRP-powered cross-border payment product, ODL but they did not receive a response.
As you know by now ODL is the former xRapid, Ripple’s product that’s powered by the digital asset XRP and is trying to eliminate the flaws that are currently plaguing the payments system SWIFT that’s been used by banks and financial institutions by decades now.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.