The multinational Spanish bank, Banco Santander, has successfully implemented Ripple payments in 19 countries across the world. The bank plans to expand the services to more countries.
In 2018, Santander launched One Pay FX, a blockchain-driven solution for international payments, in partnership with Ripple. The solution was implemented in four countries – Spain, Poland, Brazil, and the UK.
Ed Metzger, One Pay FX Chief Technology Officer, said the project was aimed at solving a pressing need in international transfers. At the time, there was a long waiting period and uncertainty. He said:
“Customers told us that they never knew how much money was going to get to their recipient because it was never clear what the exchange rate would be or what fees would be charged. On top of that, they had no transparency about when the payment was going to get there. They just knew it would take 3-5 days. This type of feedback is standard across the industry. No one was solving the problem.”
One Pay FX also has a Ripple-backed payment messaging app.
Banco Santander is currently the 16th largest commercial bank in the world with annual revenue of over €49.2 billion (about $55.6 billion).
