The cooperation between Ripple and Santander Bank has been known for some time. The multinational bank is the largest bank in the euro zone by market capitalisation, it is one of the 16 largest financial institutions in the world and has a total of around 140 million customers.
The banking giant Banco Santander has now made more than half a billion dollars‘ worth of cross-border payments through its Ripple-based transfer app.
Ripple and Santander’s One Pay FX
Santander first launched the One Pay FX international payment solution in 2018 in the UK, Poland, Brazil and Spain. Since then, the app has also been rolled out in Chile and Portugal and has processed transfers totaling $528.63 million with the help of Ripple, according to a new update from the bank.
A Pay FX payment can also be made in two dozen other countries, including the entire Euro zone, in addition to the above countries.
The app uses Ripple’s payment messaging system, as opposed to Ripple’s native token XRP, to move money between currencies. The technical product, which is a competitor to the international financial network Swift, helps banks process fiat-to-fiat transactions in real time by using messages to clarify and verify transaction details.
Prospects for further cooperation?
After Santander posted its One Pay FX update on Twitter, several crypto enthusiasts questioned whether the bank also intended to use Ripple’s XRP-based cross-border payment product, On-Demand Liquidity. However, they did not receive an answer.
Earlier this month Santander’s CEO, Ana Botín, announced that half of the bank’s annual international transfers can now be processed via the Ripple app. So it seems that the two companies‘ cooperation still has a rosy future.