It's not a secret Ripple has gained attention for their fast cross-border payments from both cryptocurrency and traditional individuals.
Their speed has brought them recognition in different sectors, and this year should return to being a progressive and advantageous year for them. A bank, Banco Santander, sings his praises for improving their cross-border payment rates after integrating Ripple's support into One Pay FX, their payment application.
This application was highlighted by the executive president Ana Botin during a Madrid event – the Santander International Banking Conferences. He sang the praises of the payment system, complimenting the The performance of the Ripple Blockchain software.
Botin said: "You can make real-time FX transfers between the UK and mainland Europe, and you can do the same cost as TransferWise in Poland, Brazil and Chile – via Santander. so we really have to think about what is real reciprocity.The devil is in the details and in the times. "
TransferWise uses the instant EPS system, although it only offers services in the United Kingdom. Other parts of the world, together with Europe, have seen incredibly slow processing speeds, according to a company source.
Some transactions may take up to two days to complete, although it has been revealed that both Santander and TransferWire are working to evolve their international payments appearance.
Botin added: "With this new initiative already in place, we are effectively covering 50% of all the FX payments that the Santander Group makes annually, and it works really well, because the tracks we use – which, as you say, we worked 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. "
Santander already has the ability to offer cross-border payments in real time with the One Pay FX system. The traditional payment system that banks prefer, Swift, was a project for Ripple, eliminating system problems.
However, both Ripple and Swift plan to hold a debate on the future of the financial system next month, in which they will discuss issues related to cross-border payments.
So far, Ripple has already established 200 partnerships with financial institutions and banks, which are planning to integrate with their services. Among those institutions, Ripple said that JBFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank will help to raise liquidity for XRP while supporting cross-border payments.