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Ripple is becoming invincible with regard to cross-border payment. Banco Santander, a Spanish bank based in Santander, Spain, reiterated that no cross-border payment service provider can match the quality of service provided by Ripple.
The bank uses Ripple's mobile payment app One Pay FX According to its executive president, Ana Botin provides fast and timely payments to any part of the world. In contrast, Ripple's closest competitor, TransferWise, provides slower services outside the UK according to Botin.
Botin says that the bank currently uses the One Pay FX app to feed half of its transactions and is looking to extend its use to its customers who do not manage accounts with the bank.
"With this new initiative that is already in place, we are effectively covering 50% of all the FX payments that the Santander Group makes every year and it works really well, because the tracks we use – which, as you say, we have collaborated with Ripple – we tested them for two years, actually with our employees, and it works, it's safe, it's completely compliant and, of course, we make sure we comply with all local regulations so you're in good hands. "
Rippling actually marked cross-border payments. Just yesterday, the company announced that its RippleNet payment network now has over 200 customers worldwide who have also witnessed the quality of payment services provided by RippleNet.
It is no wonder that some people believe that XRP, the basic token for Ripple it is the future of the cryptocurrency sector as a whole and can overcome Bitcoin by market capitalization to become the number one cryptocurrency in the future. Ripple CEO Brad Garlinghouse also expressed optimism today that Ripple will soon become the digital asset of choice for most banks in the world.
As traders around the world continue to look for better payment options than traditional methods that take days to complete, Ripple can become more relevant over time.
It is obvious that the company has a brighter future ahead of it with traders looking for faster and cheaper payment systems that it provides. However, can XRP really take first place from Bitcoin (BTC)? Only time will tell how everything is possible in the industry, although it will take some time for this to happen if it happens at the end.
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