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It is becoming clear in 2019 that more banks and financial institutions are implementing blockchain or at least exploring blockchain behind-the-scenes technology. It is still rare, however, that many of these financial institutions openly praise the blockchain, and many in the cryptocurrency community believe they believe technology is more of a threat than a resource.
However, this does not seem to be the case with Santander. The executive president of Santander has openly praised an app powered by Ripple for its efficiency. This is a rare case in which an individual in an elevated position at a financial institution has openly praised the potential of the blockchain.
Information on the app
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The app specifies that it has been praised is called OnePayFX, which runs on XCurrent, which is a blockchain software developed by Ripple, the startup blockchain Californian. The eulogy was received by none other than the Santander International Banking Conference in Madrid, Spain.
Santander's executive chairman, Ana Botin, emphasized the versatility and efficiency of the app, stating that "FX transfers can be made in real time" between countries. He also stressed that the bank intends to expand One Pay FX and offer more customers the ability to send money around the world through the app.
Information on competitors
For those wondering how OnePayFX imposes itself against competitors, one of its main competitors is Transferwise. The company has a user base of millions and offers real-time settlements in the United Kingdom, but it is slower when it comes to cross-border payments. In reality, the limitation is even recognized by itself website.
This is why Ripple has received so much attention recently, due to the fact that it can actually offer real-time payments in various countries and continents. Santander offered OnePayFX at the beginning of last year in April 2018 – and Botin earlier stressed that the app is already managing a significant amount of its FX payments.
