Ripple use Blockchain to Settle Global Payments: Santander
Spanish based Banco Santander announced earlier this month that it is linking with Ripple to provide the first-ever mobile service concentrated on payments provided across borders. Santander One Pay FX service enables payments to be processed immediately within seconds and settlement is obtained on the same day. The service is available to the millions of customers throughout Europe.
In April, Santander revealed that in Spain users of the service could transfer funds to the United Kingdom and the United States. Also, users in Brazil and Poland can transfer to the U.K. Users can send dollars to the U.S. and pounds to the U.K. under illustrative use cases. Customers in the U.K. can send euros to 21 countries.
The bank made an announcement in June- One Pay FX and planned rollout across Europe, the company said in a release, allows speed and safety in cross-border payments, where, along traditional conduits, international transactions took three to five days to clear. The company said that the mobile-first user interface (UI) and blockchain infrastructure ties together the total cost of sending payments, embracing (beyond the total payment) bank fees, foreign exchange rates, delivery time quotes and payment receipts.
— Ripple (@Ripple) June 29, 2018
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Ripple’s xCurrent technology is used for payments and tracking, firm reveals. The motivation behind the innovative project is to provide consumers with easier and less friction-filled international transfers when compared to the past. After performing a pilot with Ripple two years ago, the firm began to roll out this service to Santander’s customers.
Image via Ripple
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