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Banco Santander states that the Ripple One Pay FX-based payment app offers its customers the ability to send cross-border transactions at much higher speeds than their competitors.
At the Santander international conference in Madrid, executive president Ana Botín stressed the performance of the new mobile payments app, which works with Ripple xCurrent's blockchain software solution.
"You can make FX transfers in real time between the UK and mainland Europe, and you can really make Poland, Brazil and Chile – via Santander – at the same cost as Transferwise …
And this is why we really need to think about what is real reciprocity. The devil is in the details and in the times. "
Instant payments processed by TransferWise are only delivered in the United Kingdom via the instantaneous FPS payment system. According to the company's explanation, delivery of payments to other parts of Europe and around the world is slower.
Both Santander and TransferWise are playing a key role in transforming the traditional rhythm of international payments, which have long required two or three days to complete conventional cross-border channels.
In April, One launched One Pay FX, allowing millions of customers in Europe to access cross-border payments in real time. Botín told the Financial Times that technology is already fueling half of the Santander Group FX payments.
"With this new initiative 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 collaborated with Ripple – we tested them for two years, actually with our employees. And it works. It's safe. It is completely compliant and, of course, we are sure to comply with all local regulations. So you're in good hands. "
In the long run, Botin claims that Santander plans to expand One Pay FX and offer non-bank customers the ability to use the app to send money worldwide.
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