[ad_1]
At the beginning of last year, a Spanish banking group Banco Santander signed an agreement with Ripple to launch a new payment service using blockchain technology. The service is called "Santander One Pay FX". It is the first mobile app developed by Ripple that allows customers to make transfers while traveling.
Speaking at the Santander International Banking Conference in Madrid, Ana Patricia Botín-Sanz, executive chairman of Banco Santander, said that the payment app based on Ripple's xCurrent is faster, cheaper and more efficient than the competition.
"You can make FX transfers in real time between the UK and mainland Europe, and you can actually do the same cost as Transferwise in Poland, Brazil and Chile – through Santander."
And this is why we really need to think about what is real reciprocity. The devil is in the details and in the times. "
Ripple and TransferWise
Ripple and TransferWise are two strong contenders in an increasingly crowded market for cross-border payments. However, according to Botin, TransferWise payments to other countries (excluding the United Kingdom) are slower.
Both TransferWise and One Pay FX have been designed to circumvent the high commissions and delays of bank transfers to which the traditional SWIFT global payment network tends.
Banco Santander – the ninth financial services company in the world by revenue – launched One Pay FX in April 2018. The app offers Santander customers the ability to make payments in USD and EUR respectively in the areas of the US United States and the Euro. The app is based on blockchain technology to facilitate international payments. The technology manager of One Pay FX solution of the bank Ed Metzger said:
"One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally – delivering value, transparency and trust and services that customers expect from a bank like Santander."
The main advantage of One Pay FX is the speed at which cross-border transactions can be completed. Money sent abroad will be received within 24 hours. The app does not charge a transaction fee, but claims that the payee may be subject to certain charges depending on which bank he is dealing with.
Imagician from Flickr.
