TO The annual Swell event in Ripple, on October 1, the executives of Banco Santander, a Spanish financial services company, shared their experience on the use of blockchain-based payment systems powered by RippleNet's previous product .
In April 2018, Santander launched the One Pay FX building on RippleNet, for commercial use and enabling cross-border mobile payments. Ed Metzger, head of the bank's innovation, led the note by saying that technology has helped "improve the lives of our customers".
The implementation of Ripple technology was not an easy undertaking for the homogeneous bank, shared by Metzger. Banco Santander is active in ten financial centers, is the largest financial institution in Europe and boasts over 140 million customers worldwide, all of which have been presented to the application. The implications of the failure would have been far-fetched.
However, Santander found that retail customers were promptly looking for a quick, simple, personal banking experience that was comparable to applications readily used as messaging platforms and social media apps. In addition, the Piloting Ripple product on a wide range of markets has provided customers with transparency, security and financial speed.
"We believe that financial services are moving towards a world of open platforms where companies work together to offer excellent customer service to their customers, and that's at the heart of what we're doing with One Pay FX."
Giving the example of a customer using OnePay FX services, Metzger shared:
"One of our customers was in Italy on vacation and parked in the wrong place, had to pay a fine and did not have his bank card, he was able to use the app to pay the fine immediately and prevent his car it was removed. "
The bank's executive added that Santander plans to present the OnePay FX application on multiple markets soon. At the time of writing this document, the product supplied by Ripple is available in the United Kingdom and provides international remittances upon request in Poland, Brazil and Spain.
Metzger drew attention to the changing face of the financial market, expressing "the first signs of much larger changes". He exclaimed that blockchain technology allows people not to "plan ahead", allowing everyone to "send an international payment when needed".
Cover photo of Yomex Owo on Unsplash
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