Santander Bank to Adopt Ripple’s XCurrent Solution in Latin America

Mary Brendah by Mary Brendah - 01:40 PM Aug 19, 2019

Spanish global commercial bank Santander Group is planning to launch a new remittance service in Latin America that will adopt ripple’s XCurrent solution.

According to a news report, the new payment method will enable Latin Americans to send money to the United States for free using One Pay FX. One Pay FX uses the XCurrent solution for remittance services.

Currently, One Pay FX offers money transfer services between U.K. and Spain. However, Santander bank serves Brazil, Chile, Uruguay, and Mexico. Additionally, the bank has not revealed which country it is intending to introduce the service to.

“Customers who were not doing international transfers are now using the service, customers who were using international transfer are now doing it more, and customers who had gone to use Fintech competition have come back because of the One Pay offering," the CEO was quoted as saying. He did not provide any specific numbers,” said One Pay CEO, Cedric Menager

Specifically, the bank intends to cut transaction costs to zero and faster between Latin American states and USA. One Pay FX uses Ripple’s XCurrent technology. However, the payment app is independent of XRP and does not require digital currency to work:

“XCurrent does charge for the service. Santander is the one that does not charge fees with its solution. Santander has always used XCurrent for One Pay FX, which does not need XRP to work.”

Banking globally

The bank has not revealed the date it is planning to roll out the technology to Latin nations. However, the bank is expected to introduce the One Pay app to the United States to enable Americans to send money to other countries.

Apart from One Pay FX, the bank is building another international payment service named Pago FX. This one will be available globally to non-Santander clients.

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.