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Santander OnePay FX is a currency exchange service that uses Ripple technology to make international money transfers within the same day. The Santander chain-powered exchange is currently in 4 different countries: the United Kingdom, Poland, Spain and Brazil.
However, according to Ana Botin, executive president of the Santander group, they expect a broader launch in the coming months when the group will introduce the service to additional countries for various small businesses. Furthermore, there is the possibility of extending the availability of the product to financial institutions.
Are there any limits?
It is excellent to note that although the blockchain tends to be limited to capacity, the service has no limitation – thanks to the available volumes.
Foreign currency transactions of the four app-covered countries account for almost half of the bank's retail consumer mass. Also, for two years, the bank tried the service among the UK staff, and it was perfect. That's all what the Santander Group executive president, Ana Botín, says.
The solution based on blockchain of #Ripple has no limits. It works, is safe and is completely compliant.
Ana Botín – Executive President of the Santander Group #XRPcommunity #blockchain #crossborderremittances pic.twitter.com/XLomTKNVvu– Steven Diep (@DiepSanh) 17 September 2018
Ana Botín also stated that the solution based on blockchain has no limitation and instead works, is safe and fully compliant. The executive president, when dealing with the issue of security, assured consumers absolute safety as all local regulations were respected.
Undoubtedly, as it seems to see the facts to date, blockchain-based payment methods are faster, more expensive effective, more efficient, safe and secure. The fact that the bank plans to implement the technology in different markets by the summer (very early) makes the potential experience just like what everyone expects from a global bank like Santander.
Now no more waiting for more than three days or so for transactions, thanks to transactions via the Santander One Pay FX. On the other hand, collaborating and now being praised by a giant bank like Santander is good news for Ripple as it helps improve the company and its cryptocurrency, XRP, market capitalization.
Not only has Ripple collaborated with Santander bank but also with several banks and other financial institutions.
Remember this? 🤫 pic.twitter.com/puCElpXoU8
– Steven Diep (@DiepSanh) 17 September 2018
Ripple & # 39; s MoneyTap Around the Corner
Fintech Japanese SBI Holdings made public to launch an application based on Ripple technology called MoneyTap for mobile payments.
The app is designed to make all bank transfers simpler, cheaper, faster and more flexible. While announcing the announcement, SBI CEO Ripple Asia Takashi Okita said MoneyTap would significantly improve payment infrastructure in Japan.
How is Ripple doing XPP right now?
Ripple (XRP) is one of the most discussed cryptocurrencies today, which is no surprise given that at the moment it is the extremely real integrated cryptography in the market. Furthermore, it has been tested by numerous banks, financial services and banking institutions for transactions on a global scale.
Currently, Ripple's XRP occupies the third place among digital coins and trades slightly above $ 0.27. Sunday XRP was at $ 0.2726 to mean that it has not been restored, but recovery is expected in the next 24 hours; however, it may be limited as there is no time. The current value is still very far from the all-time high of Ripple at the start of January of this year when it hit $ 3.33.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr.com
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