Santander Bank expands its use of Ripple technology and launches an application for cross-border transfers
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Answer Santander Bank expands its use of Ripple technology and launches an application for cross-border transfers
The Spanish banking group Santander, which is the fourth largest financial institution in the world and the largest bank in the eurozone, has expanded its exploitation of Ripple technology.
Recently, the bank’s officials stated that they are studying providing an option for South American customers to send money to the United States of America immediately and free of charge via the “One Pay FX” application, which is a mobile application that uses Ripple’s xCurrent technology.
Currently the service is only available in the UK and Spain
Where customers and users residing in these countries can quickly transfer to the United States of America
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While the bank’s management plans to expand to some Latin American countries (Argentina, Uruguay, Chile, Mexico).
The new payment application launched by Santander Bank does not include the use of XRP coins.
For the record, the application was launched last year in Spain, the United Kingdom, Brazil and Poland.
To increase the popularity of the application and increase the demand for it, which made the bank pay special attention and search for new expansion areas.
so stated Cedric Menger, CEO of One Pay FX, said:
“Customers who do not use cross-border transfers are now using them
Those who already use it are asking for more
And customers who went to competing services with us came back because of what we offer in the One Pay FX app.”
The “One Pay FX” service is a violation of the SWIFT system adopted in traditional banks, as One Pay FX relies on Ripple technology, which gives the possibility of instant transfer with very low fees.
The bank did not reveal the exact size of One Pay FX usage, but it indicated that the number tripled in January 2019.
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