RippleNet-enabled One Pay FX Records €450,000,0000 International Transactions Volume


Payment and cross-border remittance application One Pay Fx that went life in 2018 with the efforts of Ripple and Banco Santander has just recorded a record volume of €450 million in cross-border transactions, NewsLogical can confirm.

Since the creation of the Ripple Lab and Banco Santander co-developed payment application, it has been enjoying growth in the remittance industry, presenting a growth of 230% with 8 months. However, the latest report of the international bank confirms that a milestone of €450 million cross transactions has been achieved by the application since its launch in 2018. The banks noted that this was the result of its passion for customers’ obsession.

The executive Chairperson at Banco Santander, Ana Patricia Botin, said the strategy behind One Pay Fx was to be able to give its customers what they need and appreciate, and that is fast, convenient, simple, and competitive cross-border payment.

The EVP Global Head of Payments at Banco Santander, Chirag Patel, in the update also mentioned that they’ve noticed that customers are moving to other products and services rather than the bank, indicating that banks are not providing the services people need.

“So, fixing that and focusing on customers’ as an obsession has been the primary strategy, and then creating an experience that our customers, where they have transparency [sic] and they understand what’s going on all the way through has been super important.”

To achieve success in the digital ecosystem, Santander needs to regularly observe how to improve its customers’ experience. By maintaining this focus and delivering value to customers as well as bettering the experience, will ultimately lead us to develop a strong and profitable business. “One Pay Fx is a great example of how we are doing this”, Lindsey Argalas, Banco Santander’s Chief Digital and Innovation Officer said.

Earlier the Spain-headquartered bank declared that over half of its global remittance service offered to its 140 million customers across the globe is done on One Pay Fx, and it has extended the services of the digital application to 19 world countries.

The CTO at One Pay Fx, Ed Metzger, said the company partnered Ripple to solve its cross-border problem due to the demand from Santander’s customers.