Santander announced Friday it is partnering with blockchain payments protocol Ripple to bolster its presence and cross-border services to several newer regions.
The Spanish banking giant is the 16-largest financial institution in the world. It has been a Ripple partner since 2018, but after yesterday, over 19 new countries and regions will be served via the One Pay FX app.
Ripple confirmed in a release One Pay FX will now be available in key markets like the U.S, Chile, and Portugal. All listed countries already had Santander banking facilities available but did not feature the bank’s RippleNet capabilities.
“We’re looking to expand One Pay FX to new territories and customer segments so more people can benefit from faster, cheaper, and more transparent international payments,” said One Pay FX CTO Ed Metzger.
The bank noted most feedback from its 140 million global users centered on the opacity of international transfers.
Metzger said customers also requested a “better” international payments process, which culminated in the bank exploring Ripple’s enterprise blockchain solutions for faster cross-border transactions.
But transactions weren’t the only focus, Metzger claimed:
“It’s not just the technology. Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world.”
Domestic transfers = international payments
Metzger added today’s customers now treat international payments similar to domestic transfers, recalling they have “so much confidence” in the low cost, same-day process that “it’s no longer a big deal to send money abroad.”
One Pay FX was launched in 2018 as a partnership between Banco Santander and Ripple. The first markets served were the UK, Poland, Brazil, and Spain. The project came about as part of Santander’s InnoVentures technology innovation fund.
The cheaper transaction fees and faster settlement speeds along with the enhanced transparency around every payment have generated very positive customer feedback since One Pay FX’s launch, Santander chairman Ana Botín said in the release.
He added half of the bank’s annual international transfers can now be handled by the app. That percentage is set to increase as the service rolls out to more territories and customers.
One Pay FX is a Silver Award recipient of the 2018 Distribution and Marketing Innovation Awards.