Improving cross-border payments and remittances is one of the key objectives of the long-term expansion of Ripple. Major collaborations with organizations such as Moneygram and SBI Remit have been significant developments in the right direction. Now, according to Ripple, the Spanish multinational banking firm Banco Santander has introduced the expansion of its One Pay FX international payment systems to 19 other countries, including the United States, Chile and Portugal.
Initially launched in 2018, One Pay FX was developed in partnership with Ripple, which caters for and facilitates instant international transactions. With the above developments, Santander reported that it would improve its Ripple-powered payments.
Surprisingly, Metzger mentioned that the move towards a partnership with Ripple had proliferated after receiving constructive feedback from the customer.
Ed Metzger said,
“We want to be at the forefront of the merging of finance and technology but our innovation is always customer-led. Customers told us that the international payments process could be better so we partnered with Ripple to explore how blockchain could make transactions faster, cheaper, and more transparent.”
The CTO added that the customer of the organization raised concerns about the amount of the fee paid to the recipient and the lack of clarity regarding the exchange rate. In addition, transparency was another issue that Metzger believed was not exactly a solution to the conundrum.
The fact that customers were aware of Ripple ‘s functionality potentially indicates that its expansion has slowly attracted considerable interest from various users.
Previously, Santander launched the Ripple One Pay FX application in the United Kingdom, Poland, Brazil and Spain. Now, Ripple is mostly linked and bundled with the XRP utility, but the market is slowly gaining traction towards decentralized payment settlement solutions. XRP is currently ranked 4th in the cryptocurrency ranking, behind the likes of Bitcoin, Ethereum and Tether.
