In an October 2 blog post, Ripple Labs announced the integration of RippleNet into Banco Santander’s mobile application for cross-border payments OnePayFX, effectively bringing Ripple‘s services to over 140 million of its customers.
Banco Santander Now Uses Ripple For Payments
Santander Head of Innovation, Ed Metzger, giving a speech at the Swell 2018 conference
A long-time proponent of the blockchain technology, Banco Santander was one of the first major traditional financial institutions that have pushed for the use of the technology on an international level.
Looking to remain on the frontlines of blockchain adoption for global payments, the bank launched One Pay FX, the world’s first mobile application for cross-border payments powered by RippleNet. The app, while first officially announced in April 2018, has reportedly been under development since 2016.
The platform provides a digital wallet, personal finance manager, same day international payments and p2p payments. According to the official blog post from Ripple Labs, the app significantly cuts downtime that would have been spent if using traditional wire transfers.
In a July interview that appeared on PYMNTS, Santander UK Head of Innovation Ed Metzger said that the OnePay FX system would not immediately launch globally, first becoming available in countries where the bank operates in a highly profitable manner – Spain, Brazil, and Poland. Ripple Labs also announced that while the mobile application is currently available only in the U.K., it will soon be launched in other countries.
In his speech at Ripple’s annual conference, Swell 2018, Metzger said that the core purpose of XRP and RippleNet within the infrastructure of the OnePay FX platform is to seamlessly process cross-border transactions to ensure that international customers of Banco Santander can send and receive money with ease.
He explained that the bank’s customers worldwide have new expectations for their international payments experience, with the bank’s retail customers being the ones pushing for more innovation.
Metzger remarked, “We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX.”
Swell 2018 Also Saw Other Exciting Announcements
Ripple CEO Brad Garlinghouse during Ripple’s 2017 Swell Conference
Ripple’s Chief Executive Brad Garlinghouse was also one of the speakers at the company’s Swell conference, where he announced the launch of xRapid.
During the conference, Garlinghouse told the audience, which hosted luminaries such as former American President Bill Clinton and Gene Sperling, the National Economic President to Clinton and Obama, that Ripple was not out to replace banks. Instead, he explained that the company’s aim was to provide faster, cheaper and more transparent cross-border payments.
xRapid is the company’s product that will be powering those transactions and has already been used by major payment providers such as Mercury FX and Cuallix.
When Fortune asked Garlinghouse about the impact xRapid will have on the company, he said: “It’s a big deal for Ripple, it’s a big deal for the XRP community, and it’s big deal for crypto.”