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On October 2, Ripple Labs announced the integration of RippleNet into OnePay FX, a $ 80 billion cross-border mobile payment application from the banking giant Banco Santander.
The strategic partnership between Ripple Labs and Santander was announced in March 2018, but at the time the complexities of collaborative work between the two companies were not disclosed to the public.
Since March, the Ripple team has explained in an official statement that Santander has experimented with RippleNet and other liquidity products available on its blockchain network. As the conglomerate began to pilot blockchain-based solutions, Santander saw a new level of transparency, certainty and speed that was previously not seen in the traditional financial sector.
At Swell, Santander's Chief Executive Ed Metzger said that the bank's vision for Ripple's integration is to use xCurrent, Ripple's business blockchain, to improve the lives of its customers.
Metzger said:
"We believe that financial services are moving towards a world of open platforms where companies work together to offer excellent customer service to their customers, and that's at the heart of what we're doing with OnePay FX."
During his speech, Metzger explained that the main purpose of RippleNet within the infrastructure of the OnePay FX platform is to process cross-border transactions transparently to ensure that Banco Santander's international customers can send and receive money with ease.
"One of our customers was in Italy on vacation and parked in the wrong place, he had to pay a fine and he did not have his bank card, he could use the app to pay the fine immediately and prevent his car from coming It's four or five clicks to do something that would have required a terrible and terrible time in the past, "he added.
In the coming months, Santander will expand OnePay FX to more countries in Europe, South America and Asia. Currently, the OnePay FX-based Ripple app is available for customers in the UK, Spain, Brazil and Poland.
In essence, Ripple's work with Santander is similar to its partnership with SBI Holdings and major banks in Japan and South Korea. Using blockchain-based liquidity solutions, Ripple allows users to send international payments, which if sent with Wire transfers may take days or weeks.
"People do not have to plan ahead, they can send an international payment when needed, it's really powerful," said Mertzger.
Santander, as the largest bank in the Eurozone, will continue to rely on Ripple to process international transactions.
The partnership with Santander will influence Japan and South Korea
Led by SBI Ripple Asia, a consortium of over 61 Japanese banks, Ripple Labs conducted pilot tests of its liquidity solutions with leading financial institutions in South Korea. Woori Bank and Shinhan Bank, two of the country's largest trading companies, have published their Ripple integration plans by 2019.
The integration of RippleNet into OnePay FX could simplify the process of banks implementing Ripple-related products in Japan and South Korea, which have already shown tremendous interest in technology.
"Too many companies have a problem with peanut butter, they have become very thin, working on many different initiatives, but Ripple has deepened the understanding of how global payments can be solved with blockchain technology and digital resources. ", said Ripple Labs CEO, Brad Garlinghouse.
Update 16:45 UTC: The article has been updated to reflect that OnePay FX uses xCurrent and RippleNet, not XRP, to enable blockchain payments between bank accounts.
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