Despite the lull in XRP’s share price, the company behind the native cryptocurrencies, Ripple, has had massive success in its partnerships with various financial institutions over the last 2 years. One of these high-profile partners is Banco Santander from Spain. This multinational bank is the largest bank in the euro zone in terms of market capitalisation, is one of the 16 largest financial institutions in the world and has a total of around 140 million customers.

With the help of Ripple, Santander Bank has already launched the „One Pay FX“ payment app in 2018, which will enable its customers to make international payments faster, more transparently and at lower cost. Initially available only to customers in the UK, Spain, Poland and Brazil, Santander is now expanding the application to other countries in partnership with Ripple.


Ripple and Santander’s app comes to the USA

The service of the payment app „One Pay FX“ of the major bank Santander in cooperation with Ripple will now be expanded to a total of 19 countries in addition to the countries mentioned above. New additions include the USA, Chile and Portugal.

This expansion is a reaction to the app’s success to date. Ed Metzger, Santander’s CTO says

First, we see that individual customers are making more international payments through the app. They may have previously used a special money transfer service, but now they are coming back to us.

In addition, customers now treat an international payment as a domestic transfer. They have so much confidence in the cost-effective „same day“ process that it is no longer a big deal to transfer money abroad.

Working with Ripple has not only helped Santander to offer better service to its own customers, but also simplified its relationships with other financial institutions:

Being part of RippleNet has helped us build sustainable and scalable relationships with other financial institutions around the world.


Increased demand and focus on customer needs

Banco Santander is considered one of the most innovative companies in its sector and in 2014 launched an innovation fund called „InnoVentures“, through which it has invested heavily in a number of digital technologies.

According to Ed Metzger, the collaboration with Ripple came about because the bank noticed an increased demand for better international payments from its customers:

Clients told us that they never knew how much money would reach their recipient because it was never clear what the exchange rate would be or what fees would be charged. […] So we partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.


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