The world’s 16th largest bank which holds around 1.74 trillion assets under management, Santander, would soon be <a href="https://www.sec.gov/Archives/edgar/data/891478/000089147820000017/a20-f2019.htm" target="_blank" rel="noopener">launching</a> One Pay FX, a Ripple-powered payment app, in Mexico.

The One Pay FX was launched in the year 2018, and since then it has been providing the services in six countries i.e., Spain, the United Kingdom, Brazil, Poland, Portugal and Chile. 

The file submitted by Santander to the US Securities Exchange Commission stated, 
<blockquote>“The aim of One Pay FX is to offer customers increased transparency and predictability, and improve the current sub-optimal customer experience and client stickiness through a best-in-class global payment system.”</blockquote>
<h2>One Pay FX Better Than Traditional Payment Method</h2>
A report suggests that if a person makes a borderless payment in a traditional way then it might take 5 days to process. But if a payment is made through One Pay FX, it would be received the same day.

The users have a great experience while using this app, because it provides every detail to them, whether it is related to banking fees, exchange rates or anything. The app gives them (users) a smooth digital experience.
<h2>Ripple Does Not Use Payment Messaging System</h2>
Unlike XRP, the native token of Ripple, the One Pay FX uses the payment messaging system of the exchange to move money between currencies. The tech app uses messages to verify the transaction details to help the banks to complete fiat-to-fiat transactions in real-time.

In the year 2015, Ripple organized its series A funding round and raised $32 million. In that funding round, the capital arm of Santander, InnoVenture, as it invested $4 million in Ripple.

According to a report, it was a clever move by Santander, as it helped the bank to hold up with the developments that occur in blockchain-space. At that time blockchain or the distributed ledger technology (DLT) was emerging as the most anticipated development in finance.

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Santander And Ripple To Launch One Pay FX In Mexico

The Spanish Banking giant, Santander, submitted a file in the SEC stating that it would launch One Pay FX, a Ripple-powered payment app, in Mexico.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Santander And Ripple To Launch One Pay FX In Mexico

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