Spanish banking giant Santander has announced that the company will be expanding the use of Ripple‘s cross-border payment platform.
Ripple to be used in 6 additional corridors
Speaking at a conference held by the Institute of International and European Affairs, John Whelan talked about the company’s blockchain efforts. John Whelan is the managing director of digital investment banking at Santander.
John stated that the company would be introducing Ripple-based payment platform One Pay FX to all 10 of its corridors. It was revealed that the company is already using a blockchain solution that was running across four of its corridors, namely Brazil, the UK, Spain, and Mexico. He then said that the system would be deployed on all ten in the near future.
Earlier in April, executive Ana Botín said that One Pay FX was handling 50 percent of Santander Group’s FX payments. She observed that the system worked efficiently and revealed that the company has been testing the platform for over two years. The company was testing the platforms with their employees and eventually declared it as useful. She ensured that the system was safe and complied with all local regulations.
One Pay FX was launched in October last year as a Ripple-based platform. The model uses Ripple’s primary payment messaging system, which is faster than Swift.
Although One Pay FX worked on the network, it did not involve XRP tokens. One Pay does not utilize On-Demand Liquidity, which is powered by XRP. In fact, Santander had set off wild rumors when its support desk accidentally stated that the platform made use of XRP. Since then, the bank has retracted the statement while saying that it only used Ripple’s xCurrent and not its native token.
Featured image by Flickr.