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Banco Santander's president, Ana Botin, recently gave a speech highlighting Ripple's performance, as well as praising the results obtained since the beginning.
Ana delivered the speech during a recent international banking conference held in the city of Madrid. The speech, which also happened to touch various aspects of Banco Santander & # 39; s performance, he sees her pay particular attention to One Pay FX, an application whose payments are powered by Ripple technology.
In his speech, he said that the application (which currently runs on xCurrent, Ripple's blockchain solution) has achieved excellent results since its inception in April 2018.
He added that it is possible to make FX transfers in real time between the European continent and the United Kingdom. Moreover, it is also possible to make transfers to Chile, Brazil and Poland via Santanderand all this at the same cost that would cost you to use TransferWise. According to her, this is the only reason why the bank has thought of reciprocity.
It is important to note that TransferWise is a financial company that provides conventional payment processing services, albeit in a way not related to cryptocurrencies. Although these financial institutions can provide instant cross-border transfers, there are always problems that are popping up with this type of transfer.
To create a good cross-border mechanism, institutions like TransferWise will have to spend a total of three days and will have to pay higher commissions at the end. When you look at One Pay FX and other similar solutions that use the blockchain infrastructure, you will notice that they are charging a lot less in terms of fees and that their transaction times are even better.
Building for intermediaries and financial institutions and not for users
It is interesting to mention that Ripple can in no way be compared to vaporware. This is a company that has created a true technology that can be used by existing companies and organizations.
Nevertheless, traders must remember that the solutions created by Ripple are designed to be used by intermediaries and not by ordinary people as many people seem to hire. According to Ana, this means that the technology company is on a completely different level than other decentralized blockchains like Bitcoin.
Bitcoin and the other cryptocurrencies were created with the sole purpose of getting rid of intermediaries, giving power to the common man and decentralizing money. A bank employee has come to declare that many banks have used the Ripple communication protocol (RCP) to use it to transmit money and payments to other banks.
The XRP also played a very minor role in helping these payments. This is because there are small payments collected by companies and banks that use communication protocols. However, the rates are not yet high enough to justify the prevailing price forms.
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