Probably the best example of how Blockchain technology, and cryptocurrencies, are beginning to play a fundamental role in the financial market, is the alliance between Ripple and Santander. Well, in recent times, the association between both companies has served to substantially improve transactional financial operations. Reason why Banco Santander continues to expand One Pay FX in alliance with Ripple.
Banco Santander and cross-border transactions
One of the biggest problems in the financial market today is the lack of efficiency in carrying out cross-border transactions. Well, sending money from one country to another can become a real headache for users. Due to the slowness of the process, as well as the high fees involved in sending money across borders.
This is a problem in which the solution Blockchain technology can have a stellar participation. Especially thanks to the technological development of companies like Ripple. Which has been working on the XRP blockchain, in order to streamline cross-border financial operations. Decreasing the waiting times for the execution of the same to just seconds, as well as the commissions that must be paid.
This would be the reason why Ripple has managed to establish, in recent years, a multitude of alliances with traditional financial companies. Including one of the most important banks in the world such as Banco Santander. Which has invested heavily in new technologies, through its investment fund InnoVentures.
“We want to be at the forefront of the fusion between finance and technology, but our innovation is always customer-focused. Customers told us that the international payment process could be better, so we partnered with Ripple to explore how the Blockchain could make transactions faster, cheaper, and more transparent.” Commented the chief technology officer at One Pay FX, Ed Metzger.
The expansion of One Pay FX together with Ripple
Thus, the strategic alliance between Ripple and Banco Santander has had its best expression in One Pay FX. A service for the execution of cross-border transfers based on Blockchain. Which has allowed users of Banco Santander in the countries where it is available. Send money across borders in seconds, with minimal commissions. What has brought important benefits to users:
“Firstly, we are seeing individual customers make more international payments on the app (…) They could have used a dedicated remittance service before, but now they are coming back to us. Additionally, customers now treat an international payment as a domestic transfer. They are so confident in a low cost process, and run the same day, that it is no longer a big problem to send money abroad”
This same success of One Pay FX is causing Banco Santander to consider expanding to more and more countries. Currently available in six different countries, with the ability to send money to two dozen, including all those that are part of the Eurozone. Representing half of the total of international transfers made by Santander.
Banco Santander’s confidence in the application developed together with Ripple, and its future expansion to more and more countries in the world. It is the best example of the success of Blockchain to enter the traditional financial market. In a type of strategic alliance that we can only hope to increase and deepen in the years to come.